Based on the table demonstrating three tax systems, with these tax rates, which system(s) would bring in the lowest total revenue?
a. progressive
b. proportional
c. regressive
d. both regressive and proportional
c. regressive
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A problem with the use of the market system is that
a. it is too careful in conserving society’s resources. b. it does not stimulate people to work hard and to be efficient. c. it results in an unequal distribution of property and income. d. All of these.
Gasoline and motel rooms are complements for many consumers. When the price of gasoline declines, consumers take longer vacations and rent more motel rooms. Therefore, the cross price elasticity between gasoline and motel rooms is
A. positive. B. negative. C. less than one because neither is a luxury. D. more than one because both are luxuries.
As the dollar depreciates, the foreign price of United States goods _________________, ultimately shifting the United States AD curve _____________
A) rises; rightward B) rises; leftward C) falls; rightward D) falls; leftward
The marginal propensity to save is:
A. the change in saving divided by the change in disposable income. B. the change in disposable income divided by the change in saving. C. saving divided by disposable income. D. disposable income divided by saving.