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Question 65 deos Which of the following statements concerning higher marginal tax rates is correct? They encourage work effort and make more people eligible for welfare benefits
Question 65 deos Which of the following statements concerning higher marginal tax rates is correct? They encourage work effort and make more people eligible for welfare benefits. They discourage work offort and make fewer people eligible for welfare benefits They encourage work effort and make fewer people eligible for welfare benefits. They discourage work effort and make more people eligible for welfare benefits.
nts Question 66 ms Videos The poverty gap is the Shortfall between a household's actual income and the poverty threshold. Percentage of families under the poverty level. Difference between the income of a household in poverty and the average income. Difference between the incomes of the richest and poorest households.
Question 67 As a result of GATT, tariff rates in developed countries have decreased from 40 percent in 1948 to less than 4 percent today. True False
Question 68 The poverty gap is the Shortfall between a household's actual income and the poverty threshold Percentage of families under the poverty level. Difference between the income of a household in poverty and the average income. Difference between the incomes of the richest and poorest households.
Expert Solution
Answer:
1. They discourage work effort and make fewer people eligible welfare benefits.
reason: When high income people pay higher income rates, it demotivates people from working more. On the other hand, welfare benefits for the unemployed enable people to earn money when they do not work, only below a threshold..
2. Shortfall between a household's actual income and the poverty threshold.
reason: Poverty threshold is the limit of income considered adequate for meeting the needs of a family. So, if a household income falls below that threshold, then there is poverty gap.
3. True
reason: In the various rounds of talks, developed countries have decided to lower tariffs, and the result is that the tariffs have decreased by a marked amount - from a staggering 40 percent to about 3 percent by 2005.
4. Shortfall between a household's actual income and the poverty threshold.
reason: Poverty threshold is the limit of income considered adequate for meeting the needs of a family. So, if a household income falls below that threshold, then there is poverty gap.
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