Eco 450 Week 11 Final Exam Part 2

ECO 450 Week 11 Final Exam Part 2

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Question 1Most empirical research indicates that the market supply curve of labor hours by prime-age males is:AnswerQuestion 2The higher the compensated elasticity of supply of savings,AnswerQuestion 3If the return to savings, r, is subject to taxation at rate t, then in equilibrium a saver’s marginal rate of time preference will equal:AnswerQuestion 4The Haig-Simons definition of income:AnswerQuestion 5Comprehensive income:AnswerQuestion 6Which of the following is the result of The Economic Growth and Tax Relief Reconciliation Act enacted in 2001?AnswerQuestion 7The reduction in marginal tax rates will:AnswerQuestion 8Which of the following is true for the federal income tax in the United States?AnswerQuestion 9The excess burden of tax preferences:AnswerQuestion 10Tax expenditures are:AnswerQuestion 11Accelerated depreciation allows corporations to:AnswerQuestion 12In the long run a corporate income tax that initially reduces the return to investment in the corpo¬rate sector will also:AnswerQuestion 13If corporations maximize profits, the short-run incidence of a tax on its profits will be borne by:AnswerQuestion 14If an all-equity firm has after-tax income of $100,000 based on a 34% income tax, what is the after-tax income of an equivalent firm that pays $15,000 in interest that is tax deductible?AnswerQuestion 15If the supply of savings is not perfectly elastic, the corporate income tax is likely to:AnswerQuestion 16Assuming that a person never receives any cash gifts or bequests, a tax on comprehensive con-sumption is equivalent to a(n):AnswerQuestion 17In most states, the retail sales tax can be regarded as equivalent to a:AnswerQuestion 18Consumption-in-kind:AnswerQuestion 19A consumption-type, value-added tax:AnswerQuestion 20The differential incidence of substituting a tax on comprehensive consumption for a tax on compre¬hensive income...