In a regressive tax system, ________
A) low income households pay a higher percentage of their income as taxes
B) high income households pay a higher percentage of their income as taxes
C) all households pay the same amount of taxes irrespective of their income
D) all households pay the same percentage of their income as taxes
A
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A rent ceiling set above the equilibrium rent has no effect
Indicate whether the statement is true or false
Which of the following is true of the relationship between price and quantity supplied?
a. There is always an inverse relationship. b. More is supplied at lower prices. c. Producers work harder and sell more when the price decreases. d. There is a direct relationship between price and quantity supplied. e. It is always true that a higher price leads to a decrease in quantity supplied.
Income received minus personal taxes is called:
a. national income. b. personal income. c. disposable personal income. d. transfer payments. e. net national product.
The opportunity cost of constructing a new public highway is the:
A. Money cost of hiring contractors and construction workers for the new highway B. Value of other goods and services that are sacrificed in order to construct the new highway C. Expected cost of constructing the new highway in a future year D. Value of shorter driving times and distances when the new highway is completed