Refer to the Following Figure to Answer the Following Questions

question 83

Multiple Choice

Refer to the following figure to answer the following questions.
-According to the figure,which point(s) would see tax revenues increase if the tax rate increased?

• A) only A
• B) only B
• C) A and B
• D) A and C
• E) B and C

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Definitions:

Old Age Survivors and Disability Insurance (OASDI)

A federal program in the United States that provides benefits to retired individuals, survivors of insured workers, and disabled individuals.

Hospital Insurance (HI)

A form of health insurance that covers hospitalization, certain types of surgery, and additional inpatient services.

Cumulative Wages

The total amount of wages earned by an employee over a specified period, including all bonuses, overtime, and other earnings.

Taxable

Refers to income, goods, or services subject to taxation under the laws of a tax jurisdiction.