Differentiate between a progressive tax system and a regressive tax system
What will be an ideal response?
A progressive tax system is one in which tax rates increase with an increase in taxable base incomes, so that the rich pay higher tax rates than the poor, whereas a regressive tax system is one in which tax rates decrease with increase in taxable income.
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Assume Congress holds a hearing on the impact of gasoline prices on the price of corn. Most likely, this hearing will be
A) a partial equilibrium analysis. B) a general equilibrium analysis. C) about consumer rather than producer surplus. D) an analysis of efficiency.
A price support may be pictured by
A) shifting the demand curve to the right by the amount of the government purchase. B) shifting the demand curve to the left by the amount of the government purchase. C) shifting the supply curve to the right by the amount of the government purchase. D) shifting the supply curve to the left by the amount of the government purchase. E) drawing a horizontal line below equilibrium price at the supported price.
In the antebellum period, the "Old Northwest" became the leading producer of
a. fresh fruits and vegetables. b. cotton. c. pork. d. dairy products.
When considering voting options, if option X beats Y, and Y beats Z, then transitivity says that:
A. Z beats X. B. Y beats X. C. X beats Z. D. Z beats Y.