Last year you earned $45,000 and paid $9,000 in income taxes. This year you earned $60,000 and paid $15,000 in income taxes. What kind of income tax do you face?
A) regressive
B) progressive
C) proportional
D) traditional
B
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Two economists from Ohio University estimated that the demand curve for kerosene in Indonesia was such that a 10 percent increase in the price reduced the quantity demanded by 2.2 percent and that a 10 percent increase in the price of electricity increased the demand for kerosene by 1.6 percent. This indicates that (i) the demand for kerosene is price inelastic and (ii) kerosene and electricity
are substitutes. Which of these two statements is correct? a. i and ii b. i not ii c. ii not i d. neither i nor ii
Two policies to combat discrimination are affirmative action and right-to-work laws
a. True b. False Indicate whether the statement is true or false
The circular flow model:
a. Illustrates the interdependence of businesses and consumers b. Assumes that central planning is taking place c. Illustrates how natural resources are created d. Illustrates how money is created by the banking system
Choose the letter below that best represents the type of shift that would occur in the following situation in the United States: OPEC raises the price of its oil significantly. (See Figure 8.6.)
A. A. B. B. C. C. D. D.