What has been the relationship over the past century between the U.S. economy's income and the percentage of that income that the government collects in revenues?
Both have increased over time, but the percentage of income that the government collects in revenues has increased more. For example, in 1902 the government collected 7 percent of total income; recently, that percentage has increased to about 30.
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The law of diminishing marginal utility helps explain: a. why most individual demand curves are straight lines. b. why most supply curves slope upward
c. why most individual demand curves slope downward. d. why marginal utility falls when total utility falls.
Which of the following is an argument that the incidence of corporate taxation falls entirely on consumers?
A) Corporations pass their tax burdens on to consumers by charging higher prices equal to the amount of the tax. B) Corporations pass their tax burdens on to consumers because consumers ultimately work for the corporations. C) Corporations always evade taxes so that consumers ultimately bear the tax burdens as taxpayers. D) Most taxes on consumers are collected by corporations through sales taxes.