An income tax is progressive if the
a. tax rate decreases as income increases.
b. percentage of income paid in taxes increases as income increases.
c. percentage of income paid in taxes stays the same regardless of the size of income.
d. dollar amount paid in taxes increases with income.
B
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Demand deposits are: a. accounts in which one cannot write a check directly but from which the individual can easily withdraw money. b. the coins and bills that circulate in an economy
c. purchased from a bank or financial company, signed, and then redeemed with an additional signature when one wants to spend them. d. deposits in banks that are available upon making a cash withdrawal or writing a check.
_____________: Transactions of comparable properties may have taken place yesterday, last month, or even several years ago.
Fill in the blank(s) with the appropriate word(s).
Depreciation:
A. estimates the decrease in value of capital goods due to wear and tear over the year. B. represents a firm's expenditure to add to its capital stock. C. is the reduction in business inventories per year. D. is the decline in the value of a firm's stock.
If a public service commission requires a natural monopoly to set its price equal to the long-run marginal cost, this will result in
A) excessive economic profits to the monopoly. B) normal economic profits to the monopoly. C) losses to the monopoly. D) either economic profits or losses, depending on the efficiency of the monopoly.