A progressive 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.
B. requires those with low incomes to pay a smaller percentage of their income than high-income people.
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Assume that a firm has $100 million in real assets and $90 in real liabilities. The value of its net worth would be ________
A) a negative $10 million. B) $190 million. C) $4190 billion. D) $10 million.
The Taxpayer Relief Act of 1997 created the Hope Higher Education Scholarship program which provides a maximum of $1,500 in tax credits for the first two years of college for families with adjusted-gross incomes of less than $100,000 . What effect do you think this act might have on the aggregate supply curve?
Public saving is T - G, while private saving is Y - T - C
a. True b. False Indicate whether the statement is true or false
Megan took a pay cut from $10 an hour to $7 an hour. As a result of the wage decrease, Megan desires to work less hours and take more hours of leisure. For Megan
A. the substitution effect must be zero. B. the income effect dominates the substitution effect. C. the substitution effect dominates the income effect. D. the substitution effect must equal the income effect.