In 2007, the top 1 percent of all taxpayers in the US paid what percent

| June 14, 2018

17) In 2007, the top 1 percent of all taxpayers in the US paid what percent of the federal income tax?A) 21.2B) 33.7C) 39.5D) 60.719) the efficiency loss of a tax is:A) the net value of sacrificed output caused by the taxB) that portion of the tax paid by producers minus the portion paid by consumersC) that portion of the tax paid by consumers minus the portion paid by producersD) the total tax revenue minus the output loss caused by the tax20) A value-added tax (VAT):A) is another name for a retail sales tax but is otherwise the sameB) is like a sales tax but is only imposed on the difference between a firm’s sales and its purchases from other firmsC) is like an income tax but is only imposed on the difference between a person’s income and his or her consumptionD) only applies to imported goods23) which product is a leading export of the US?A) steelB) clothesC) chemicalsD) petroleum29) Dumping of goods abroadA) constitutes a general case for permanent tariffsB) may be part of a firm’s price discrimination strategyC) may be part of a nation’s strategy to rectify its trade deficitD) drives up prices of the dumped goods30) the World Trade Organization:A) is also known as the international monetary fund (IMF)B) is also known as NAFTAC) was established to resolve disputes arising under world trade rulesD) enhances world trade by providing interest rate subsidies to foreign borrowers who buy exports on credit

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