Answer the next 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.IIIIIIIVVTaxBase (Income)TaxBase (Income)TaxBase (Income)TaxBase (Income)TaxBase (Income)$30$100$10$100$5$100$30$100$10$10050200202001520060200302006030030300303009030060300704004040050400120400100400Which of the above schedules represent(s) a regressive tax?
A. V only
B. III and V
C. I only
D. IV only
Answer: C
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A) domestic investment would fall B) net exports would increase C) domestic interest rates would go up D) all of the above E) none of the above
A barrier to entry that grants exclusive use of an invented product or process to the inventor is called
A. a patent. B. economies of scale. C. the ownership of a scarce resource. D. a government franchise.
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A) oligopolies are a recent development so economists have not had time to develop models. B) demand and cost curves do not exist for these types of industries. C) the firms are so large. D) how firms respond to a price change by a rival is uncertain.
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