rd QUESTION 10 Which tax system requires O a A progressive tax O d. A lump-sum t
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rd QUESTION 10 Which tax system requires O a A progressive tax O d. A lump-sum tax QUESTION 11 In 2007, which category represented the largest source of receipts for the U S. federal govemment? Corporate income taxes O c Individual income taxers o d Social Security QUESTION 12 Oa it produces a smaller level of output than would be produced in a competitive market o b it can eam both short-run and long-run profits o c it faces a downward-sloping demand curve d the cost to the monopolist of producing one more unit exceeds the value of that unit to potential buyers. QUESTION 13 The price elasticity of demand measures a. buyers' responsiveness to a change in the price of a good b the extent to which demand increases as additional buyers enter the market C. how much more of a good consumers will demand when incomes rise d, the movement along a supply curve when there is a change in demand.Explanation / Answer
10. A, Progressive Tax requires higher-income taxpayers to pay a higher percentage of their income in taxes.
11. C, Individual Income taxes.
12. A, It produces a smaller level of outputthen would be produced in a competitive market.
13. A, Buyers responsiveness with respect to change in price of a good.
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