-In the Labour Market Shown in the Above Graph, the Government

question 72

Multiple Choice

-In the labour market shown in the above graph, the government introduces a 10 per cent income tax. The employer pays ________ cents of the tax and the employee pays ________ cents of the tax.

• A) 95; 0
• B) 50; 45
• C) 0; 95
• D) 42.5; 42.5
• E) 45; 50

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Definitions:

Impressions

The immediate thoughts or feelings that are elicited in a person upon encountering something or someone for the first time.

Perception

The process through which people receive, organize, and interpret information from the environment.

Self-serving Bias

The common tendency to attribute one's successes to personal characteristics and failures to external factors.

False Confidence

An unfounded belief in one's abilities or outcomes, which can lead to taking undue risks or making poor decisions.