What can objectively be determined by looking at the current federal tax rates?
a. They are fair.
b. They are unfair.
c. They are regressive.
d. They are progressive.
d. They are progressive.
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Homothetic tastes are always tastes over essential goods.
Answer the following statement true (T) or false (F)
What are the differences between public goods and private goods?
What will be an ideal response?
A public good is nonrivalrous and excludable
a. True b. False Indicate whether the statement is true or false
If a market economy has a self-correcting mechanism, when output is lower than potential or full-employment output,
a. changes will occur that will automatically guide the economy back to full employment. b. resource prices will increase. c. prolonged unemployment such as was experienced during the Great Depression will occur. d. the economy will fall into a more severe recession.