Which is true?
A. The federal personal income tax is a progressive tax.
B. More than 75 percent of all taxpayers pay more in payroll taxes than personal income taxes.
C. The most important source of federal tax revenue is the personal income tax.
D. All the choices.
D. All the choices.
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If the Japanese central bank performed a sterilized intervention to reduce the value of the yen, the most likely result is:
A) a lower value of the yen due to an increase in the monetary base in Japan. B) a lower value of the yen due to a decrease in Japanese interest rates. C) a higher value of the yen since the intervention was sterilized. D) no change in the value of the yen since neither the monetary base nor Japanese interest rates would be affected.
Which of the following is not a characteristic of the classical system?
a. temporary excess demand and supply in labor markets. b. Price flexibility c. Money wage flexibility d. real values, not nominal values, matter