Since lower-income people spend a larger proportion of their incomes on groceries than do higher-income people, if grocery stores were required by law to charge a 10-cent fee for disposable bags, this fee could be considered a
A) progressive tax. B) proportional tax. C) regressive tax. D) income tax.
C
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Refer to Table 4-3. The table above lists the marginal cost of polo shirts by Marko's, a firm that specializes in producing men's clothing. If the market price of Marko's polo shirts is $30, Marko's will produce
A) 0 shirts. B) 1 shirt. C) 3 shirts. D) 4 shirts.
If your nominal income in 2014 was $50,000, and prices doubled between 2014 and 2017, to have the same real income, your nominal income in 2017 must be
A) $50,000. B) $75,000. C) $90,000. D) $100,000.
Supply will become more elastic when
A) a time period lengthens. B) the time period shortens. C) the good is important to consumers. D) there are good substitutes for the goods.
In 2007 and 2008, the sharp increase in the price of soybeans reflected primarily
A. the increased demand for corn needed to produce ethanol. B. an unseasonably warm spring in the soybean-producing states of Indiana, Illinois, and Iowa. C. government cash subsidies to soybean producers per ton harvested. D. increased use of advanced fertilizers by soybean producers.