Which of the following is an example of a progressive tax?
A. Social Security payroll tax.
B. The federal income tax.
C. An excise tax.
D. A local sales tax.
Answer: B
You might also like to view...
The short-run supply curve of a competitive firm is the portion of:
A) its average cost curve that lies above its marginal cost curve. B) its average cost curve that lies below its marginal cost curve. C) its marginal cost curve that lies above its average variable cost curve. D) its marginal cost curve that lies below its average cost curve.
Suppose the quantity demanded is 5 units when the price is $1.00. If the price rises to $2.00, the quantity demanded falls to 3 units. The price elasticity of demand is
A) 0.5. B) 0.75. C) 1.33. D) 2.00.
During the antebellum period, two systems of land use emerged—the self-sufficient system of the North, which did not rely on specialization, and the specialized system of the South, which concentrated the use of slaves
Indicate whether the statement is true or false
Use the aggregate expenditures model and assume an economy is in equilibrium at $5 trillion which is $250 billion below full-employment GDP. If the marginal propensity to consume (MPC) is 0.60, full-employment GDP can be reached if government spending:
a. decreases by $60 billion. b. decreases by $100 billion. c. decreases by $250 billion. d. is held constant.