Explain the difference between a regressive tax and a progressive tax
What will be an ideal response?
A regressive tax is a tax that takes a larger share from the income of low-income taxpayers than it does from high-income taxpayers. A progressive tax is a tax that takes a larger share from the income of high-income taxpayers than it does from low-income taxpayers.
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A business cycle is the pattern of short-run upward and downward movements in production and jobs
Indicate whether the statement is true or false
Something that would cause the long-run aggregate supply curve to shift to the right would be the:
A. unemployment rate decreasing. B. discovery of a new oil reserve. C. inflation rate decreasing. D. The long-run aggregate supply curve is fixed, and does not shift.
The slope of a line is equal to
a. rise divided by run. b. run divided by rise. c. rise minus run. d. rise plus run.
Like private borrowers, governments
A. can raise taxes to pay off their debts. B. have to pay interest on their debts. C. regulate the industries through which they borrow. D. do not, in the long run, have to pay back their debts.