Which statement is false?
A. There are now nine federal personal income tax brackets.
B. Most people pay more in Social Security tax than in personal income tax.
C. We pay more in direct than indirect taxes to the federal government.
D. None of these statements are false.
A. There are now nine federal personal income tax brackets.
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Refer to Figure 16-6. In the dynamic model of AD-AS in the figure above, if the economy is at point A in year 1 and is expected to go to point B in year 2, Congress and the president would most likely pursue
A) contractionary fiscal policy. B) expansionary monetary policy. C) expansionary fiscal policy. D) expansionary automatic stabilizers. E) contractionary monetary policy.
The marginal utility per dollar that Harold Stratton receives from oranges is greater than the marginal utility per dollar Harold receives from pears. To maximize his utility, what should Harold do?
A) He should buy fewer pears and more oranges. B) He should buy fewer oranges and more pears. C) He should reduce his consumption of both oranges and pears so that he can buy a greater variety of goods. D) He should acquire more income so that he can afford to buy more oranges and pears.