A flat-rate income tax is also called ________
A) an excise tax
B) a property tax
C) a proportional income tax
D) a constant rate tax
C
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One of the key economic questions is "where should products be produced?"
Indicate whether the statement is true or false
The opportunity cost of providing a public good to an additional individual is
A) infinite. B) zero. C) impossible to determine. D) high because of the exclusion principle.
Economic theory
a. expresses normative values b. invents imaginative and interesting stories c. predicts the behavior of a specific economic decision maker after an economic change d. predicts the average behavior of a group of similar economic decision makers after an economic change e. uses only perfect and complete information
Which of the following is used to illustrate an independent relationship between two variables?
a. An upward-sloping curve b. A downward-sloping curve c. A hill-shaped curve d. A horizontal or vertical line