Americans generally pay
a. a lower percentage of their incomes in taxes than citizens of other industrialized countries.
b. a lower percentage of their incomes in taxes than citizens of other industrialized countries, with the exceptions of Sweden and the Netherlands.
c. about the same percentage of their incomes in taxes as citizens of other industrialized countries.
d. a higher percentage of their incomes in taxes than citizens of other industrialized countries.
a
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Explain the difference between a change in quantity supplied and a change in supply
What will be an ideal response?
If a tax is imposed on buyers in a market in which supply is perfectly inelastic, the
A) buyers pay the entire tax. B) sellers pay the entire tax. C) buyers and the sellers both pay a portion of the tax. D) neither the buyers nor the sellers pay the tax.