A flat-rate tax on residential real estate is a
a. progressive real estate tax
b. regressive real estate tax
c. progressive income tax
d. regressive income tax
e. proportional real estate tax
E
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Total surplus:
A. can never be negative.
B. is always zero in an efficient market.
C. can be negative when the market is not in equilibrium.
D. is greater than the sum of consumer and producer surplus.
The profit-maximizing firm should lay off workers when: a. MRC < MRP
b. MRC > MRP. c. MRC = MRP. d. the MP of labor begins to diminish.
Most entrepreneurs are self-employed
a. True b. False Indicate whether the statement is true or false
Figure 9-4
?
In Figure 9-4, if the economy faces an inflationary gap, what must happen to reach potential GDP?
A. The expenditure level must rise and/or the price level must rise. B. The expenditure level must rise and/or the price level must fall. C. The expenditure level must fall and/or the price level must fall. D. The expenditure level must fall and/or the price level must rise.