8. Which of the following taxes are regressive? a. sales tax b. personal income
ID: 1120657 • Letter: 8
Question
8. Which of the following taxes are regressive? a. sales tax b. personal income tax c. Both of the above d. Neither of the above 9. Which of the following statements are correct? Lower income households consume a higher percentage of their incomes a. b. c. Any tax that increases the prices on non-luxury goods will be regressive Both of the above d. Neither of the above 10. The federal personal income tax: a. Is a progressive tax b. is a regressive tax c. benefits productivity d. is a flat tax Chapter 14 11. Nations strive for economic growth because economic growth. a. b. will allow a nation to solve the problem of scarcity will help a nation to produce as much consumer satisfaction as possible wit limited resources available c. Both of the above d. Neither of the above 12. An increase in Real GDP: a. is absolute economic growth b. always results in a higher standard of living c. Neither of the above d. Both a. and b. 13. An increase in per capita Real GDP: a. is per capita economic growth b. always results in a higher standard of living c. Neither of the above d. Both a. and b.Explanation / Answer
Answer 8 : Sale Tax is an example of regressive tax because this tax takes a large amount of income from low income tax payers as compare to higher income tax households because sale tax is also known as sin tax.
Answer 9 : The statement is correct such as lower income tax household consume a higher percentage of their income as compared to high income household because as there income is lower but minimum consumpation of every person is same.
Answer 10 :The federal personal income tax is progressive tax system where as income increases the tax amount also increases at same speed.
Answer 11 : National strive for economic growth because economic growth help in increasing output of the country.The correct option is neither a nor b.
Answer 12 : An increase in real GDP resulted in Absolute economic growth because when real GDP increases this result in increase economic growth of the country at faster phase.
Answer 13 : An increase in per capita real GDP always resulted in a higher standard of living. It means that living standard of the person has been increased with increase in real GDP per capita so that people can live now better life.
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