A tax system in which the average and marginal tax rates are the same for every level of taxable income and every change in income is an example of
A. progressive taxation.
B. proportional taxation.
C. premium taxation.
D. regressive taxation.
Answer: B
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Which of the following statements is true?
A) Household production is counted in GDP as it amounts to real production. B) GDP growth distributes income equally to people in the economy. C) GDP accounting rules do not adjust for production that pollutes the economy. D) A decrease in the crime rate increases GDP as people will spend more on security.
People's best guesses about returns on assets are called
A) expected returns. B) liquidity. C) risk. D) the term structure of returns.
Is wage discrimination more likely in competitive or monopolistic markets?
Which of the following statements best expresses the law of diminishing marginal benefit?
A. The marginal benefit of the product increases as less of the product is consumed. B. The marginal benefit of a product decreases as less of the product is consumed. C. The total benefit from the product decreases as more of the product is consumed. D. The marginal benefit from a product increases as more of the product is consumed.