Multiple Choice
Scenario: There are 4 households in a locality. The annual income of the first household is $20,000, the annual income of the second household is $47,000, the annual income of the third household is $50,000, and the annual income of the fourth household is $71,000.
-Refer to the scenario above.Which family pays the lowest percentage of its income in tax if the government follows a progressive tax system?
A) The first household
B) The second household
C) The third household
D) The fourth household
Correct Answer:

Verified
Correct Answer:
Verified
Q39: An example of government failure is _.<br>A)
Q40: Government failures refer to _.<br>A) the absence
Q41: What are the objectives of government taxation
Q42: A price ceiling leads to a(n)_ if
Q43: Which of the following is true?<br>A) A
Q45: The tax incidence on buyers is higher
Q46: Economists Andrei Shleifer and Robert Vishny argue
Q47: The figure below shows the demand (D)
Q48: Scenario: There are 4 households in a
Q49: Which of the following is true?<br>A) Government