The distributions of tax burdens among various groups in society is known as
A. tax incidence.
B. a proportional tax.
C. a progressive tax.
D. a regressive tax.
Answer: A
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Suppose a country's net exports equal zero. Which of the following will happen if the volume of exports increases without an increase in the volume of imports?
A) The country will experience a budget deficit. B) The country will experience a trade surplus. C) The country will experience a trade deficit. D) The country will experience a budget surplus.
A key assumption made when a supply schedule is constructed is that
A. the only factors that matter in determining supply are price and quantity. B. firms only want to sell a certain amount of a product. C. supply is too important to be left to the marketplace. D. only price and quantity vary, all other determinants of supply are held constant. E. demand has a positive slope.
One effect of a stronger dollar is
A) an increase in U.S. exports and a reduction in U.S. imports. B) a reduction in U.S. exports and an increase in U.S. imports. C) an increase in net exports. D) an increase in both imports and exports. The effect on net exports is uncertain.
When the market price of a product is below the equilibrium price, shortages will result and sellers can be expected to reduce the supply of that product
a. True b. False Indicate whether the statement is true or false