In general, state and local taxes tend to be
A. Flat.
B. Proportional.
C. Progressive.
D. Regressive.
Answer: D
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If an average cost pricing rule is imposed on the natural monopoly shown in the figure above, then it will produce
A) 2 million units. B) 3 million units. C) 4 million units. D) 5 million units.
Why is the economy at full employment in the long run?
A) Only wages have the ability to adjust. B) Only price can adjust. C) Prices don't adjust. D) Wages and the price level eventually adjust to full employment equilibrium levels. E) Government policies eventually converge on the full employment strategy.
Assume a lawyer signs a contingency fee contract with a plaintiff. The case ends up settling for $1 million, of which the plaintiff received $800,000. It is obvious this contract was efficient
A) True, the plaintiff received some money. B) False, it is not clear whether another lawyer would have settled for more. C) False, it is not clear whether the plaintiff's lawyer is very smart. D) True, the plaintiff and lawyer reached an agreement and both lived up to their end of the agreement.
If the graph shown represents Steph's budget constraint, and the price of hairbands were to increase, the slope of Steph's budget constraint would become:
A. steeper, reflecting the fact that hairbands are now relatively less expensive.
B. flatter, reflecting the fact that hairbands are now relatively more expensive.
C. steeper, reflecting the fact that earrings are now relatively less expensive.
D. flatter, reflecting the fact that earrings are now relatively more expensive.