If taxpayers pay a smaller fraction of their income in taxes as their incomes rise, the tax is ________ and if taxpayers pay a larger fraction of their income in taxes as their income rise, the tax is ________.
A. progressive; regressive
B. regressive; progressive
C. proportional; progressive
D. regressive; proportional
Answer: B
Economics
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Which of the following expresses the equation of exchange?
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Which one of the following is taken into account by GDP?
A. Custom lawn care services
B. Household production
C. Leisure time
D. Illegal production
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The amount of good A given up for good B in trade is the
A. Comparative advantage. B. Absolute advantage. C. Exploitation of consumers. D. Terms of trade.
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Suppose the market clearing price is $15 and the price ceiling is $17. The price that prevails in the market will be
A) $17. B) $15. C) less than $15. D) more than $17.
Economics