Discuss how tax burdens are related to the elasticity of labor.What do most economists believe is true about the elasticity of labor supply in the United States and the burden if any that workers bear?
What will be an ideal response?
When labor supply is more elastic, firms bear the bulk of a tax imposed on labor. When labor supply is more inelastic, workers bear the bulk of the tax burden. Because the elasticity of labor supply in the United States is close to zero, most economists conclude that most of the payroll tax in the United States is probably borne by workers.
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Name two types of jobs most likely affected by "seasonal unemployment."
What will be an ideal response?
Jed had an exam score of 50 percentage points. There is an extra credit assignment that Jed can complete that will raise his exam score by 20 percentage points. Jed has determined that the extra credit assignment will take 10 hours of his time
Jed will complete the assignment he values the A) 20 percentage points more than the 10 hours of his time. B) 10 hours of his time more than the 20 percentage points. C) 70 percentage points more than the 10 hours of his time. D) wants a higher score.