Which of the schedules represent(s) a regressive tax?
Answer the question on the basis of the following five schedules, all of which represent income tax schedules for an economy. All figures are in billions of dollars.
A. V only.
B. III and V.
C. IV only.
D. I only.
D. I only.
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A tax is efficient if
A) it is based on profits earned and not on wages. B) it imposes a small excess burden relative to the revenue it raises. C) it encourages saving and investment. D) individuals with the lowest incomes pay proportionately lower taxes than individuals with the highest incomes.
A fiduciary monetary system means
A) that the value of each currency is determined by the amount of gold held by each nation. B) that the currency is backed by implicit faith in government. C) that money is legal tender. D) that money has commodity value.
Product differentiation is what allows monopolistically competitive firms to have some market power.
Indicate whether the statement is true or false.
A decrease in the confidence that car-buying consumers have in their future income will
A. decrease the supply of borrowable money. B. increase the supply of borrowable money. C. increase the demand for borrowable money. D. decrease the demand for borrowable money.