31 May Question 152.Most labor economists believe that the supply of labor is
Question
152.Most labor economists believe that the supply of labor is
| a. | less elastic than the demand and, therefore, firms bear most of the burden of the payroll tax. |
| b. | less elastic than the demand and, therefore, workers bear most of the burden of the payroll tax. |
| c. | more elastic than the demand and, therefore, workers bear most of the burden of the payroll tax. |
| d. | more elastic than the demand and, therefore, firms bear most of the burden of the payroll tax. |
153.Lawmakers designed the burden of the FICA payroll tax to be split evenly between workers and firms. Labor economists believe that
| a. | lawmakers may have actually achieved their goal, since statistics show that the tax burden is currently equally divided. |
| b. | the tax raises too little revenue for the government and so it should be eliminated. |
| c. | firms bear most of the burden of the tax. |
| d. | workers bear most of the burden of the tax. |
154.In 1990, Congress passed a new luxury tax on items such as yachts, private airplanes, furs, jewelry, and expensive cars. The goal of the tax was to
| a. | raise revenue from the wealthy. |
| b. | prevent wealthy people from buying luxuries. |
| c. | force producers of luxury goods to reduce employment. |
| d. | limit exports of luxury goods to other countries. |
155.Which of the following was not a result of the luxury tax imposed by Congress in 1990?
| a. | The larger part of the tax burden fell on sellers. |
| b. | A larger part of the tax burden fell on the middle class than on the rich. |
| c. | Even the wealthy demanded fewer luxury goods. |
| d. | The tax was never repealed or even modified. |
156.The burden of a luxury tax falls
| a. | more on the rich than on the middle class. |
| b. | more on the poor than on the rich. |
| c. | more on the middle class than on the rich. |
| d. | equally on the rich, the middle class, and the poor. |
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