A tax that is levied in such a way that low-income taxpayers pay a greater proportion of their income toward taxes than do high-income taxpayers is called a:
A. proportional tax.
B. progressive tax.
C. regressive tax.
D. flat tax.
C. regressive tax.
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A ____ is a graph whose axes show the quantities of two inputs that are used to produce some output.
A. production indifference map B. two-variable diagram C. scalar diagram D. time-series graph
On which of the following does the neoclassical counter-revolution school most blame underdevelopment?
a. misguided government policies b. relatively rigid cultural traditions c. the legacy of colonialism d. unfair trade practices on the part of developed countries
The economic theory of labor markets suggests that wages are determined by labor supply and labor demand
a. True b. False Indicate whether the statement is true or false
What are inferior goods?
What will be an ideal response?