The federal income tax is an example of a
a. progressive tax.
b. regressive tax.
c. proportional tax.
d. value-added tax.
a
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Supporters of social regulation contend that:
A. The existence of natural monopoly requires a regulatory response from government B. There is a pressing need to eliminate price fixing in U.S. business C. Higher costs are the price that must be paid for a better society D. Benefits of public ownership of businesses are greater than the costs
Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will have make 16 dishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day making dishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. For Jerry, the opportunity cost of building a fence is ________ dishes made.
A. 14 B. 7 C. 4 D. 2
The law of increasing relative costs, depicted by the concavity of the production opportunities frontier, is most closely related to the
a. downward slope of the demand curve. b. upward slope of the demand curve. c. downward slope of the supply curve. d. upward slope of the supply curve.
A demand relationship in which the quantity demanded changes exactly in proportion to the change in price is
A) elastic.
B) unit-elastic.
C) inelastic.
D) consistent with zero elasticity.