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Exam 7: The Government Sector

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Question 41

Multiple Choice

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Which of the following is the best example of a government expenditure for goods or services?

A) Salaries of Supreme Court justices
B) Social security pensions paid to the elderly
C) Welfare payments
D) Unemployment compensation
E) The progressive income tax

F) A) and B)
G) C) and E)

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Question 42

Multiple Choice

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Which statement is true?

A) Compared with citizens of other industrial countries,Americans are more heavily taxed.
B) Anyone with a taxable income of over $60,000 pays a marginal tax rate of 35%.
C) A greater percentage of Americans pay more in personal income taxes than in payroll taxes.
D) The 2001 recession,the events of 9/11,and the recent federal government spending mandates drove many state governments into serious financial difficulty.

E) All of the above
F) A) and B)

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Question 43

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The rich pay a _____ proportion of their income and a _____ dollar amount of federal income tax than the middle class.

Transfer payments to individuals amount to a little less than _____ of total government spending.

K - 12 public education in the U.S.is paid for mainly by the _____ tax.

The Joneses have a taxable income of $18,000, all in the form of wages. They have three children, and they take the standard deduction. -Which statement is true?

Ralph earns $40,000 per year.According to the income tax schedule,he must pay $4,000 in income taxes this year.If he had earned $50,000 his tax liability would have been $6,000.What marginal tax rate does Ralph face?

The economic policy of the U.S.government could have been described as laissez-faire until about

Under the Tax Reform Act of 1986 the maximum rate of the corporate income tax was

The Joneses have a taxable income of $18,000, all in the form of wages. They have three children, and they take the standard deduction. -The Joneses pay no more than _____ in personal income tax.

A family with a taxable income of $10,000 has to pay ______ in federal income tax.

Which of the following could be called an unfunded mandate imposed by the federal government to be carried out by state and local governments,without enough funds to cover the cost of the program?

A progressive tax is such that

Statement I: Two major personal income tax cuts were passed during the administration of President Ronald Reagan. Statement II: The top marginal tax rate for the federal personal income tax was 70 percent in 1980.

Statement I: We could make the Social Security tax less regressive by lowering the wage-base limitation to $25,000. Statement II: The highest marginal tax rate on the federal personal income tax is 31 percent.

The federal budget is prepared and passed by

Statement I: A tax on cigarettes is regressive. Statement II: The federal personal income tax is more progressive today than it was in 1980.

To find your family's taxable income,you need to subtract your _____ and your ____.

Who said this? "...the sovereign has only three duties to attend to....first,the duty of protecting the society from violence and invasion ... ;secondly,the duty of protecting ...every member of the society from the injustice or oppression of every other member of it all;and thirdly,the duty of erecting and maintaining certain public works and public institutions,which it can never be for the interest of any individual ...to erect and maintain..."

Statement I: Federal marginal income tax brackets for the wealthy are higher today than they were in 1980. Statement II: The highest federal income tax bracket today is 70 percent.