Can17L1

  • 1

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    The richest 1 percent of Canadians own approximately _________________.

    24 percent of the wealth
    24 percent of all property
    50 percent of all property
    50 percent of the wealth

  • 2

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    A curve that illustrates the relationship between the cumulative percentage of income and the cumulative percentage of families is called __________________.

    a cumulative curve
    a Lorenz curve
    a wealth curve
    an income curve

  • 3

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    Poverty is a state where a family's income is insufficient to buy the _______ that are deemed necessary.

    food, shelter, and transportation
    non-taxable items
    food, clothing, and transportation
    food, shelter, and clothing

  • 4

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    Families _______ spend at least 54.7 percent of their income on food, shelter, and clothing.

    with no university educated adults
    below the low-income cutoff
    with only one working adult
    with annual incomes below $35,000

  • 5

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    The measured distribution of _______ is a more accurate indicator of the degree of economic inequality than the measured distribution of _______ because _______ data does not include _______.

    wealth; income; income; human capital
    wealth; income; income; holdings of real estate
    income; wealth; wealth; employment information
    income; wealth; wealth; human capital

  • 6

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    An income tax that taxes income at a marginal rate that increases with the level of income is a _______________.

    fair income tax
    progressive income tax
    proportional income tax
    regressive income tax

  • 7

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    The more that Clayton earns, the smaller is the proportion of the last dollar earned he is required to pay in income tax. Clayton faces a _________________.

    progressive income tax
    flat-rate tax
    proportional income tax
    regressive income tax

  • 8

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    A flat-rate tax is also called __________________.

    a property tax
    an excise tax
    a proportional income tax
    a constant rate tax

  • 9

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    The redistribution of income creates the "big tradeoff", which is a tradeoff between ____________.

    federal and provincial welfare programs
    inequality and efficiency
    income and wealth
    rich and poor

  • 10

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    A _________ income tax gives every family a guaranteed annual income and taxes all income above the guaranteed annual income at a fixed _______ tax rate.

    proportional; proportional
    negative; marginal
    flat; income
    fixed; proportional

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