A ________ income tax means that those with a higher income pay the same percentage of their income in taxes as low-income people.
A. consumption-based
B. proportional
C. regressive
D. progressive
Answer: B
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A recession begins in July but government policy makers do not reach a consensus that a recession had in fact begun until October. This is an example of a(n)
A) quick time lag. B) recognition time lag. C) effect time lag. D) action time lag.
Opportunistic behavior may occur when
A) a firm buys its inputs from multiple suppliers. B) firms incur significant transaction costs when negotiating contracts. C) a firm backwards vertically integrates. D) a firm can buy a key component from only one supplier.
Being the low price seller in the market is
A) the best place to be. B) not necessarily the best place to be. C) expected of large firms as they are subject to economies of scale. D) not as preferred as being the high price seller in the market.
The statement, "because the invisible hand allocates resources efficiently, economies ought to minimize government interference" is an example of:
A. an economic precept. B. efficiency. C. an economic theorem. D. a natural experiment.