What percentage of personal income tax revenue was collected from the top 1 percent of earners in 2010?
a. less than 10 percent
b. approximately 15 percent
c. approximately 20 percent
d. more than 35 percent
D
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Economic theory suggests
A) social order is maintained only when people act in the public interest. B) as a rule, people cooperate more effectively when they're selfish compared to when they're generous. C) a great deal of effective cooperation can occur in the presence of minimal generosity and also without a great deal of government guidance and control. D) none of the above.
According to the permanent-income hypothesis, a permanent increase in a person's income will
A) increase consumption more than savings. B) increase savings more than consumption. C) be smoothed out to where the increases in consumption and savings are roughly equal. D) have the same effect on consumption as a transitory increase in income.