State and local taxes seem as a group to be mildly ________ and federal taxes seem as a group to be mildly ________.
A. regressive; regressive
B. progressive; progressive
C. regressive; progressive
D. progressive; regressive
Answer: C
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The table below shows the utility schedule for a consumer of candy bars. Candy Bars ConsumedTotal Utility001529312414515615713Marginal utility becomes negative with the consumption of the
A. sixth candy bar. B. seventh candy bar. C. fifth candy bar. D. second candy bar.
A "normal good" is defined as any good in which
A) a rise in its price will reduce quantity demanded. B) a fall in its price will increase quantity demanded. C) a rise in income will reduce overall demand. D) a fall in income will reduce overall demand.
The difference between the buyer's opportunity cost and the seller's valuation defines the zone of agreement in which the agreement will benefit both parties
Indicate whether the statement is true or false
If the percentage change in quantity demanded is smaller (in absolute value) than the percentage change in price, then demand is
a. inelastic b. elastic c. unit elastic d. determined by supply e. inadequate compared to supply