If a household earning $50,000 annually pays $10,000 in taxes while a household earning $100,000 annually pays $15,000 in taxes, then the tax system is
A. reducing income inequality.
B. discriminatory.
C. regressive.
D. progressive.
Answer: C
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In the case of unemployment compensation why would the benefits received principle of taxation not be entirely practical? Explain
What will be an ideal response?
Which of the following best describes the reason why the division of labor allows individuals and firms to specialize and produce more?
a. It reduces the need for more workers. b. It limits the need for economies of scale. c. It allows individuals and firms to focus on areas of disadvantage due to natural factors and skill levels. d. It allows individuals and firms to take advantage of economies of scale.
The United States has not experienced a recession as severe as the 2007-2009 downturn since the 1930s
a. True b. False Indicate whether the statement is true or false
If advertising decreases the elasticity of demand for specific brand names of hard liquor, we would expect firms to be able to charge a larger markup over marginal cost
a. True b. False Indicate whether the statement is true or false