Exhibit 16-3 Income for two persons \[\begin{array} { | l | r | } \hline \text { Name } & \text { Income } \\ \hline \text { Meredith } & \$ 124,000 \\ \text { Hillary } & \$ 45,000 \\ \hline \end{array}\] In Exhibit 16-3, if the income tax system is currently proportional, we know that:

A) Meredith would probably prefer a progressive income tax system while Hillary would probably prefer a regressive income tax system. B) Meredith and Hillary would both probably prefer a regressive income tax system. C) Meredith and Hillary would both probably prefer a progressive income tax system. D) Meredith would probably prefer a regressive income tax system while Hillary would probably prefer a progressive income tax system. A) Meredith would probably prefer a progressive income tax system while Hillary would probably prefer a regressive income tax system. B) Meredith and Hillary would both probably prefer a regressive income tax system. C) Meredith and Hillary would both probably prefer a progressive income tax system. D) Meredith would probably prefer a regressive income tax system while Hillary would probably prefer a progressive income tax system.

Exam 16: The Public Sector

"It would be an undue hardship to require people whose income is below $15,000 per year to pay income taxes." This statement reflects which of the following principles for a tax?

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(Multiple Choice)

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Question 1

Correct Answer:

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Since 1929, total government taxes as a percentage of GDP:

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(Multiple Choice)

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Question 2

Correct Answer:

Verified

People who often create benefits for the minority and impose the cost on the majority are called:

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Question 3

Correct Answer:

Verified

Which of the following statements best describes government expenditure patterns?

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Question 4

At the federal level, the single most important tax, accounting for slightly less than half of revenue, is the:

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Question 5

Which of the following categories accounted for the largest percentage of total federal government expenditures in recent years?

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Question 6

A tax where the percentage of income paid in taxes is the same regardless of the size of the income is a:

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Question 7

Total government spending (federal, state, and local) sums to approximately:

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Question 8

If a person is concerned that an additional $1,000 income will move him/her into a new tax bracket, that person is worried about the:

(Multiple Choice)

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Question 9

Exhibit 16-3 Income for two persons Name Income Meredith \ 124,000 Hillary \ 45,000 In Exhibit 16-3, if the income tax system is currently proportional, we know that:

(Multiple Choice)

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Question 10

If a person is taxed $100 on an income of $1,000, taxed $200 on an income of $2,000, and taxed $300 on an income of $3,000, this person is paying a(n):

(Multiple Choice)

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Question 11

Measured as a share of the economy, total government expenditures:

(Multiple Choice)

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Question 12

Government expenditures as a share of the U.S. economy are:

(Multiple Choice)

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Question 13

Which of the following is the largest source of revenue for the federal government?

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Question 14

According to public choice theory, which of the following is not a likely reason that government policy might benefit only a narrow interest group?

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Question 15

Describe the two basic philosophies of taxation fairness.

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Question 16

Which of the following countries devote the smallest percentage of its GDP to taxes?

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Question 17

If a person is taxed $100 on an income of $1,000, taxed $180 on an income of $2,000, and taxed $220 on an income of $3,000, this person is paying a:

(Multiple Choice)

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Question 18

Describe the major sources of tax revenue and expenditures for the federal government.

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Question 19

The benefits-received principle of taxation is most evident in:

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Question 20

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Exam 16: The Public Sector

"It would be an undue hardship to require people whose income is below $15,000 per year to pay income taxes." This statement reflects which of the following principles for a tax?

Since 1929, total government taxes as a percentage of GDP:

People who often create benefits for the minority and impose the cost on the majority are called:

Which of the following statements best describes government expenditure patterns?

At the federal level, the single most important tax, accounting for slightly less than half of revenue, is the:

Which of the following categories accounted for the largest percentage of total federal government expenditures in recent years?

A tax where the percentage of income paid in taxes is the same regardless of the size of the income is a:

Total government spending (federal, state, and local) sums to approximately:

If a person is concerned that an additional $1,000 income will move him/her into a new tax bracket, that person is worried about the:

Exhibit 16-3 Income for two persons Name Income Meredith \ 124,000 Hillary \ 45,000 In Exhibit 16-3, if the income tax system is currently proportional, we know that:

If a person is taxed $100 on an income of $1,000, taxed $200 on an income of $2,000, and taxed $300 on an income of $3,000, this person is paying a(n):

Measured as a share of the economy, total government expenditures:

Government expenditures as a share of the U.S. economy are:

Which of the following is the largest source of revenue for the federal government?

According to public choice theory, which of the following is not a likely reason that government policy might benefit only a narrow interest group?

Describe the two basic philosophies of taxation fairness.

Which of the following countries devote the smallest percentage of its GDP to taxes?

If a person is taxed $100 on an income of $1,000, taxed $180 on an income of $2,000, and taxed $220 on an income of $3,000, this person is paying a:

Describe the major sources of tax revenue and expenditures for the federal government.

The benefits-received principle of taxation is most evident in:

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