The conviction that rich people should pay more taxes than poor people demonstrates the ______.
a. regressive tax approach
b. flat tax approach
c. ability-to-pay principle
d. benefits-received principle
c. ability-to-pay principle
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How does a rise in real income affect aggregate demand?
A) Y ? implies Yd ? implies Im ? implies CA ? implies AD ?, but Y ? implies Yd ? implies C ? implies AD ? by more. B) Y ? implies Yd ? implies Im ? implies CA ? implies AD ?, but Y ? implies Yd ? implies C ? implies AD ? by more. C) Y ? implies Yd ? implies Im ? implies CA ? implies AD ?, and Y ? implies Yd ? implies C ? implies AD ?. D) Y ? implies Yd ? implies Im ? implies CA ? implies AD ?, but Y ? implies Yd ? implies C ? implies AD ? by less. E) Y ? implies Yd ? implies Im ? implies CA ? implies AD ?, but Y ? implies Yd ? implies C ? implies AD ? by less.
Inflation is best described as a situation in which
A) relative prices are changing. B) some prices are rising faster than others. C) relative prices are changing, but the purchasing power of the dollar is unchanged. D) the average of all prices are on a sustained rise over a period of time.
Ceteris paribus, if the U.S. dollar depreciated in relation to the Canadian dollar, which of the following would be true? a. U.S. goods would become less expensive to Canadian consumers
b. Canadian goods would become more expensive to Canadian consumers. c. U.S. goods would become less expensive to European consumers. d. all of the above
The new classical view of fiscal policy holds that
a. budget deficits will stimulate consumption. b. budget deficits will decrease the saving rate. c. individuals fail to recognize that debt-financing implies higher future taxes. d. individuals fully anticipate the added tax liability implied by the debt financing and will increase their saving so they can meet this obligation.