A flat or "fair" tax would increase the tax burden on the ___________ and _______________ and decrease the tax burden on the __________.
What will be an ideal response?
poor; working class; rich
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Both the long-run and short-run aggregate supply curves will shift when
A) the endowments of the factors of production change. B) the government increases defense spending. C) an event occurs which is expected to last only a short period of time. D) they are both upward sloping.
The Civil Aeronautics Board (CAB) was:
a. established in 1934 and reorganized in 1984. b. established in 1938 and eliminated in 1984. c. established in 1938 and reorganized in 1991. d. never a regulatory agency.
According to the law of diminishing utility, _____
a. the same tax rate should be applied to every dollar b. the rich people should have a lower tax rate as compared to poor people c. the rich people should have a higher tax rate as compared to poor people d. the total burden on the society from a tax will be less if proportional taxation is used e. the poorer people should not be taxed at all
A utility function is a mathematical function that assigns values to consumption bundles to represent the:
A. consumer's income. B. consumer's preferences. C. marginal rate of substitution. D. prices of the goods in the consumption bundle.