State whether property taxes, income taxes, and sales taxes are progressive, regressive, proportional, or none of the above. What about the tax system as a whole?
What will be an ideal response?
Property taxes are not progressive, regressive, or proportional. Property taxes exhibit a U-shaped pattern with respect to income. Income taxes are progressive with respect to income and sales taxes are generally regressive with respect to income. The tax system as a whole is slightly progressive, but for the average taxpayer it is roughly proportional with respect to income.
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In the following table, fill in the columns for your return on investment if the price of your house increased or decreased by 20 percent, based on the down payments specified in the first column
Return on Your Investment From Down Payment A 20 Percent Increase in the Price of Your House A 20 Percent Decrease in the Price of Your House 100% 20 10 5
D. increased current consumption and increased indebtedness to foreigners
A. is the leading exporting nation in the world. B. has the world's largest external debt. C. has the world's highest saving rate. D. is experiencing an increase in its net inflow of investment income.
Refer to the information provided in Figure 9.5 below to answer the question that follows. 
Figure 9.5Refer to Figure 9.5. From the diagram, existing firms in this industry make ________ economic profits, and as long as this continues, ________.
A. positive; the industry supply curve will shift to the left B. zero; new firms will not enter it and existing firms will not leave it either C. negative; new firms will not enter it and existing firms will leave it D. positive; new firms will enter the industry and existing firms will not leave it
When the CAB allowed airlines to charge high prices on longer, more efficient routes as long as they maintained service on shorter, unprofitable routes, it was allowing
A. Profit sharing. B. Cross-subsidization. C. Profit subsidization. D. Substitute pricing.