The state government requires all persons to pay 5% of their incomes in income tax.This is an example of:
a. The benefits principle
b. a proportional tax
c. a regressive tax
d. a progressive tax
b
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John is trying to decide whether to expand his business or not. If he continues his business as it is, with no expansion, there is a 50 percent chance he will earn $100,000 and a 50 percent chance he will earn $300,000. If he does expand, there is a 30 percent chance he will earn $100,000, a 30 percent chance he will earn $300,000 and a 40 percent chance he will earn $500,000. It will cost him $150,000 to expand. John expects the value of his earnings to be ________ if he expands and ________ if he does not expand.
A. $320,000; $200,000 B. $170,000; $50,000 C. $120,000; $200,000 D. $30,000; $200,000
Other things constant, a decrease in aggregate demand will
a. lead to a decrease in the demand for resources. b. cause an increase in the general level of prices. c. result in higher nominal wage rates. d. reduce the rate of unemployment.
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
According to the graph shown, if this economy were to open to trade, domestic prices would:
A. remain $16, with more units sold overall. B. decrease to $11 for all units. C. remain $16 for domestically produced goods, and be $23 for those units imported. D. increase to $23 for all units.
The value of a good is
a. subjective. b. objective or intrinsic. c. determined by a government statistical agency. d. determined by its cost of production.