If a tax system is progressive, then
A) the average and the marginal tax rates are equal.
B) the marginal tax rate is greater than the average tax rate as income rises.
C) the marginal tax rate is lower than the average tax rate as income rises.
D) the average tax rate is constant, but the dollar amount paid in taxes increases as income increases.
B
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Substitute goods are goods that are:
a. jointly consumed. b. competing for consumer spending. c. used late in the game. d. inferior. e. normal.
A profit-maximizing firm will never increase production if doing so causes total revenue to decrease
a. True b. False
The government's fixing of exchange rates is not unlike the government's fixing of other prices, such as the price of rental units
Indicate whether the statement is true or false
A monopolist's marginal cost is less than the price it charges.
Answer the following statement true (T) or false (F)