Which of the following taxes is always regressive?
a. a property tax
b. an income tax
c. a corporate tax on profit
d. a 25 percent tax on overtime wages
e. a $2 tax on a ticket to the movies
E
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A monopolistically competitive firm's marginal revenue curve
A. is downward-sloping and coincides with the demand curve. B. does not exist because the firm is a "price maker." C. is downward-sloping and lies below the demand curve. D. coincides with the demand curve and is parallel to the horizontal axis.
All of the following result from price floors in agriculture EXCEPT
A) surpluses of agricultural products that have price floors. B) higher prices to consumers for agricultural products that have price floors. C) lower prices to consumers for agricultural products that have price floors. D) governmental bureaucracy.
At the equilibrium level of real GDP, which of the following is true?
a. Unplanned inventory investment is positive. b. Unplanned inventory investment is negative. c. Aggregate output equals aggregate expenditures. d. Aggregate output plus consumption spending equals aggregate expenditures.
Bell Bank has $2 million in deposits and $1 million in reserves, with a reserve requirement ratio of 12 percent. If the Fed lowers the reserve requirement ratio to 10 percent, Bell Bank’s new excess reserves could potentially expand the money supply by ______.
a. $400,000 b. $760,000 c. $40,000 d. $240,000