In any given year, many people at the tails of the income distribution are only there temporarily _____
a. because of changes in the tax code
b. making it difficult to track them for determining progressivity
c. thereby overstating the progressive nature of the tax system
d. making it important to look at the progressivity of the tax system in terms of lifetime income
d
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The opportunity cost of an action is equal to: a. only the monetary payment the action required
b. the total time spent by all parties in carrying out the action. c. the highest valued opportunity that must be sacrificed in order to take the action. d. the value of all of the alternative actions that could have been taken.
If MPS = .25, MPC must be _______ and national income is _______
a. 1.75; $750 billion b. 1.25; $75 billion c. 0.75; not discernible with the information provided d. 0.25; not discernible with the information provided e. 0.75; $75 billion