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?STAYER ECO 450 Week 9 Quiz 7 Ch 13 and 14

STAYER ECO 450 Week 9 Quiz 7 Ch 13 and 14Check this A+ tutorial guideline at more classes visit
http://www.assignmentcloud.com1.   The actual federal income tax currently taxes all income irrespective of its source or use at the same tax rate.
2.   Comprehensive income excludes unrealized capital gains.
3.   Under a comprehensive income tax, transfer payments received by Social Security recipients would be fully taxable.
4.   Homeowners earn rental income-in-kind from their home that would be taxable under a compre­hensive income tax.
5.   A comprehensive income tax is a lump-sum tax.
6.   A comprehensive income tax will result in a divergence between gross wages paid by employers and net wages received by workers.
7.   A comprehensive income tax will always reduce work effort by taxpayers.
8.   The substitution effect of a tax-induced decline in wages always leads workers to work less.
9.   The market wage elasticity of labor is zero. If this is the case, the excess burden of a tax on labor income will also be zero.
10.   Points on a compensated labor supply curve are always more elastic than points for corresponding wage levels on a regular labor supply curve.
11.   Comprehensive income is the sum of annual consumption and the change in net worth.
12.   A tax on interest income does not prevent credit market from efficiently allocating resources.
13.   If an individual is subject to a 30-percent income tax, then the net interest on a certificate of deposit yielding 5 percent would be 3.5 percent after taxes.
14.   Because a tax on interest income results in income and substitution effects, it is not possible to pre­dict the effect it will have on saving.
15.   Most empirical studies indicate that the interest elasticity of supply of savings is close to zero.
16.   Income tax became a permanent fixture in the United States starting in the early nineteenth…

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