Using the above table, evaluate whether this tax is proportional, regressive or progressive. Show all work in arriving at your answer
What will be an ideal response?
This is a progressive tax. The tax rate rises with income from 5% at $20,000 to 14% at $50,000 .
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In the above figure, the budget line would rotate in the direction indicated as a result of a
A) rise in the price of a book. B) fall in the price of a book. C) rise in the price of a movie. D) decrease in income.
The increased use of automatic teller machines has decreased the demand for money
Indicate whether the statement is true or false
Consider the following situation: your math professor tells your class that the mean score on the final exam is 43 . The exam was scored on a total of 100 points. Does this imply that you, too, scored poorly on the exam?
What will be an ideal response?
Which of the following is not true about a monopsonist in a unionized labor market? a. It can set the wage rate and hire any desired number of workers at that rate. b. It is the only buyer of labor in a market. c. It tries to extract returns to monopsony power. d. It determines the optimal employment-wage rate combination by equating the marginal revenue product of labor to the marginal cost
of labor. e. It must bargain in good faith with the union.