A progressive income tax means that those with a higher income pay
A. the same percentage of their income in taxes as low-income people.
B. a higher percentage of their income in taxes than low-income people.
C. a lower percentage of their income in taxes than low-income people.
D. all the taxes in the economy.
Answer: B
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The government agency that oversees the banking system and is responsible for the conduct of monetary policy in the United States is
A) the Federal Reserve System. B) the United States Treasury. C) the U.S. Gold Commission. D) the House of Representatives.
Recent immigration (legal and illegal) has a high proportion of low skilled workers. What are the economic effects of the increase in low skilled workers?
a. lower wages in low skill jobs and higher costs to middle and upper income households of services such as housekeeping and lawn care b. higher wages in low skill jobs and lower costs to middle and upper income households of services such as housekeeping and lawn care c lower wages in low skill jobs and lower costs to middle and upper income households of services such as housekeeping and lawn care d. lower wages in low skill jobs and higher costs to middle and upper income households of services such as housekeeping and lawn care
When you chose to buy the second cup of coffee instead of the third bagel, which of the following is necessarily CORRECT?
A) The second coffee will give you higher marginal utility. B) The second coffee is cheaper than the third bagel. C) The marginal utility per dollar from the third bagel is less than the marginal utility per dollar from the second coffee. D) Both answers A and C are correct.
Which of the following is TRUE of the current account balance?
A) Monetary expansion has no effect on the current account balance. B) Monetary expansion decreases the current account balance. C) Fiscal expansion increases the current account balance. D) Fiscal expansion has no effect on the current account balance. E) Monetary expansion increases the current account balance.