Which is the correct order of importance in terms of revenue collected among the
ID: 1195421 • Letter: W
Question
Which is the correct order of importance in terms of revenue collected among the following federal taxes?
a.
(1) corporate income taxes (2) value-added taxes (3) excise taxes
b.
(1) personal income taxes (2) corporate income taxes (3) sales taxes
c.
(1) payroll taxes (2) personal income taxes (3) federal excise taxes
d.
(1) personal income taxes (2) payroll taxes (3) corporate income taxes
53. The marginal productivity principle says that a profit-maximizing firm should
a.
hire capital until its marginal product is zero.
b.
hire labor until another worker costs more to hire than she can earn for the firm.
c.
hire the quantities of capital and of labor at which their marginal products are equal.
d.
hire capital until its marginal product is negative.
54. An employer would never operate on the upward-sloping part of an MRP curve because
a.
he would not be maximizing profits.
b.
he would be hiring workers at wages above MRP.
c.
the number of workers is too large to get economies of scale.
d.
he would then have too little capital per worker.
a.
(1) corporate income taxes (2) value-added taxes (3) excise taxes
b.
(1) personal income taxes (2) corporate income taxes (3) sales taxes
c.
(1) payroll taxes (2) personal income taxes (3) federal excise taxes
d.
(1) personal income taxes (2) payroll taxes (3) corporate income taxes
Explanation / Answer
Q. 52.
Correct Answer:
d.
(1) personal income taxes (2) payroll taxes (3) corporate income taxes
Explanation:
Highest amount of revenue is collected by personal income tax. It is followed by payroll tax and it is followed by corporate income tax.
As per the data of 2010 revenue collection, 82% of the revenue were collected only by personal income tax (42%) and payroll tax (40%). After this, 9% of revenue were collected by corporate income tax. Rest of the other types of taxes complete the revenue collection.
Link for Reference:
http://www.taxpolicycenter.org/briefing-book/background/numbers/revenue.cfm
d.
(1) personal income taxes (2) payroll taxes (3) corporate income taxes
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