Question

uctions on personal income taxes in Oceania.
1. Refer to Table 20.1. The income tax paid by​ George, a single taxpayer with an income of​ $65,000, is
A.​$11,100.
B.​$14,745.
C.​$15,345.
D.​$17,550.
2.The table shows the taxable income range and marginal tax rates for a single taxpayer in Oceania. There are no exemptions or deductions on personal income taxes in Oceania.
Refer to Table 20.1. George is a single taxpayer with an income of​ $65,000. What is​ George's average tax​ rate?
A.​19.00%
B.​22.68%
C.​23.61%
D.​27%
3.Of the following​ countries, in which one was the true marginal tax rate faced by the typical worker lowest and the average number of hours worked per week highest from 1993 through​ 1996?
A.Italy
B.Canada
C.the United States
D.Germany
4.Unlike with Social Security​ taxes, there is no threshold on earnings beyond which the Medicare tax collection stops.
TRUE
FALSE
5.Which of the following expenditures is classified as a discretionary expenditure of the U.S. federal​ government?
A.food stamps
B.Social Security
C.federal employee pensions
D.student loans and grants
6.For the U.S. federal​ government, mandatory spending refers to
A.spending that is not subject to​ Congress's annual appropriations process.
B.spending on federal employee salaries.
C.spending that never changes in amount from year to year.
D.spending that must be authorized by Congress each year.
7.Based on the current state of revenue of the Social Security and Medicare​ programs, the government has two options for​ funding, which are
A.cutting payroll taxes or raising benefits.
B.cutting payroll taxes or cutting benefits.
C.raising payroll taxes or cutting benefits.
D.raising payroll taxes or raising benefits.
8.Which of the following would be classified as fiscal​ policy?
A.The Environmental Protection Agency enacts stricter air pollution regulations.
B.The Federal Reserve cuts interest rates to stimulate the economy.
C.The federal government cuts taxes to stimulate the economy.
D.States increase taxes to fund education.
9.Automatic stabilizers refer to
A.the money supply and interest rates that automatically increase or decrease along with the business cycle.
B.changes in the money supply or interest rates that are intended to achieve economic stability.
C.changes in federal taxes and purchases that are intended to influence economic activity.
D.government spending and taxes that automatically increase or decrease along with the business cycle.
10.The implementation lag for fiscal policy​ ________ it is for monetary policy.
A.can be much longer than

Answer 1

1.C.​$15,345
2.c.23.61%
3.c. United States
4.false
5.B. Social Security
6.d. spending that must be authorized by Congress each year
7.d. raising payroll Texas or raising benefits
8.D.States increase taxes to fund education.
9.A.the money supply and interest rates that automatically increase or decrease along with the business cycle.
10.