In an effort to discover whether or not workers understand inflation, economist Robert Shiller conducted a survey. When asked about the effect of general inflation on their wages or salary, the most popular response coming from workers was
A) My wages have always increased by more than the rate of inflation.
B) My wages usually catch up to rising prices within a year.
C) The price increase will create extra profit for my employer.... There will be no affect on my pay.
D) None of the above is correct.
Question 2
A study by the Congressional Budget Office (CBO) regarding the corporate income tax included the following statement: A corporation may write its check to the Internal Revenue Service for payment of the corporate income tax, but the money must come
from somewhere... The comments that followed this statement argued that
A) corporations pass on some of the burden of the tax to investors in the company, to workers, and to consumers.
B) it is necessary to retain the tax because it is based on the ability-to-pay principle.
C) the corporate income tax is a reliable source of revenue because corporations cannot avoid paying the tax.
D) the tax is more progressive than the individual income tax.
Cause of Inflation
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Robert Mapplethorpe, Lisa Lyon.
Robert Smithson, Spiral Jetty, Great Salt Lake, Utah.