A flat tax:
A. takes the same percentage of taxes from income from all taxpayers.
B. requires those with low incomes to pay a smaller percentage of their income than high-income people.
C. is levied so that low-income taxpayers pay a greater proportion of their income toward taxes than high-income taxpayers.
D. taxes everyone the same amount, regardless of their income.
A. takes the same percentage of taxes from income from all taxpayers.
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If the opportunity cost of entrepreneurship increases:
A) the aggregate demand in the economy increases. B) the number of entrepreneurs in the economy will increase. C) the price level in the economy falls. D) the aggregate output of the economy will decrease.
By drawing a demand curve with ________ on the vertical axis and ________ on the horizontal axis, economists assume that the most important determinant of the demand for a good is the ________ of the good
A) quantity; price; quantity B) quantity; price; price C) price; quantity; price D) price; quantity; quantity
The text refers to the type of comparative advantage that can be gained or lost because of changes in skills of workers or types of capital as:
A. temporary comparative advantage. B. transferable comparative advantage. C. non-equilibrium comparative advantage. D. unstable comparative advantage.
Any change that shifts the supply curve outward to the right, and does not affect the demand durve will lower the equilibrium price and raise the equilibrium
a. True b. False Indicate whether the statement is true or false