"Only in a progressive tax system does the amount of taxes increase as income increases." Do you agree or disagree? Explain
What will be an ideal response?
Disagree. In all of the three tax systems (progressive, regressive and proportional), the amount of taxes can increase as income increases. In a progressive system, however, not only the amount of taxes increases but also the percentage income paid in taxes increases as income increases.
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Why is a guaranteed-income program based on the principle of selectivity?
An example of a short-run fixed factor of production is
A) capital equipment. B) labor. C) electricity. D) postage for mailing.
A firm is producing the profit-maximizing amount of output when it is producing where its ________ curve intersects its ________ curve
A) MC; MR B) MC; AVC C) MC; ATC D) MC; TR
In 2015, full-time workers aged 25 and over with a college degree earned ________ school dropouts
A) 20 times as much as B) 2.5 times as much as high C) 5 times as much as D) roughly the same amount as