What type of income tax is reflected in the table above?
A) regressive income tax
B) proportional income tax
C) progressive income tax
D) negative income tax
A
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Country A's GDP per capita in the beginning of 2005 was $22,150. In the beginning of 2006, it increased to $27,600. Calculate country A's growth rate of GDP per capita between 2005 and 2006
What will be an ideal response?
Indifference curves
a. are nonintersecting. b. are contour lines of a utility function. c. are negatively sloped. d. All of the above.
The definition of a model is a:
a. description of all variables affecting a situation. b. positive analysis of all variables affecting an event. c. simplified description of reality to understand and predict an economic event. d. data adjusted for rational action.
Suppose it takes Dan 5 minutes to make a sandwich and 15 minutes to make a smoothie, and it takes Tracy 6 minutes to make a sandwich and 12 minutes to make a smoothie. What is the opportunity cost to Dan of making a sandwich?
A. 1/3 of a smoothie B. 5 smoothies C. 3 smoothies D. 15 smoothies