Chapter_17 - YourResultsfor:"SelfStudyQuiz"...

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Your Results for: "Self-Study Quiz" Print this page Site Title: Principles of Economics, Eighth Edition Book Title: Principles of Economics, 8/e Book Author: Case/Fair Location on  Site: Chapter 17 > Self-Study Quiz Date/Time  Submitted: February 8, 2012 at 5:31 AM  (UTC/GMT) Summary of Results 40% Correct  of 40 Scored items: 16 Correct:  40% 24 Incorrect:  60% 3 questions not scored. 40 scored questions. More information about scoring 1. The measure or value upon which a  tax is levied is called:  Your Answer: The tax rate structure. Correct Answer: The tax base.   Incorrect. The tax rate structure determines the portion of the tax base that must be paid  in taxes. 2. Since 1960, which of the following  types of taxes has fallen?  Your Answer:   Correct. While the individual income tax has remained around 45 percent of federal  receipts since 1960, other taxes have changed share. The corporation income tax, levied  on incorporated businesses only, has fallen from 23.2 percent of the total in 1960 to only  11.0 percent of receipts in 2005. The payroll tax, almost all of which is earmarked for the  Social Security system and Medicare, has grown from just under 16 percent of the total to  nearly 40 percent in 2005.
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3. A tax whose burden, expressed as a  percentage of income, increases as  income increases is called: Your Answer: A regressive tax. Correct Answer: A progressive tax.   Incorrect. A regressive tax is a tax whose burden, expressed as a percentage of income,  falls as income increases. 4. The U.S. individual income tax is: Your Answer:   Correct. A tax whose burden, expressed as a percentage of income, increases as income  increases is called a progressive tax. Under current law, a family with a taxable income of  under $14,000 would pay a tax of 10 percent, while a family with an income of $100,000  would pay about 19 percent. 5. Which of the following pairs of taxes  are regressive? Your Answer: Luxury taxes and state taxes. Correct Answer: Retail sales taxes and excise taxe   Incorrect. No assertion is made as to whether these taxes are progressive or regressive. 6. If you divide the amount of tax you  paid by your total income, you  obtain: Your Answer: The total tax rate.
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Correct Answer: The average tax rate.   Incorrect. The total amount of tax you pay divided by your total income is your average  tax rate. 7.
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Chapter_17 - YourResultsfor:"SelfStudyQuiz"...

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