If each taxpayer paid the same lump-sum amount regardless of income level, the tax system would be:
A. regressive.
B. progressive.
C. disproportionate.
D. proportional.
Answer: A
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The figure above shows Ronald's budget line. He has a weekly income of $20 and he spends it on hot dogs and hamburgers. The relative price of a hamburger is ________
A) 1/2 hot dog B) 5 hot dogs C) $20 D) 2 hot dogs
At the long-run equilibrium level of output, the monopolist's marginal cost will:
a. exceed price. b. equal price. c. be less than price. d. be less than marginal revenue.
There are situations in which average revenue and price are different
Indicate whether the statement is true or false
The multiplier is useful in determining the:
A. full-employment unemployment rate. B. level of business inventories. C. change in the rate of inflation from a change in the interest rate. D. change in GDP resulting from a change in spending.