The taxation principle that says people with higher incomes should pay more in taxes than those with lower incomes is called
A. A flat tax system.
B. A regressive tax system.
C. Horizontal equity.
D. Vertical equity.
Answer: D
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An excess benefit from corrective taxation arises because the tax revenues can be spent on compensation
a. True b. False
Oil field workers' wages are directly tied to the world price of oil
a. True b. False Indicate whether the statement is true or false
Indifference curve analysis:
A. presumes, as does utility analysis, that satisfaction is numerically measurable. B. presumes, unlike utility analysis, that satisfaction is numerically measurable. C. presumes only that the consumer can say one combination of two goods yields more or less utility than some other combination. D. is in conflict with the idea of a downsloping demand curve.
For a perfectly competitive firm, the short-run break-even point occurs at the level of output where
A) P > MR = MC. B) MR = P > MC. C) MR < P = MC. D) P = MC = ATC.