If Jen earns $80,000 a year and pays $16,000 in taxes, and Gary earns $100,000 a year and pays $16,000 a year in taxes, the tax system must be:
A. flat.
B. proportional.
C. progressive.
D. lump-sum.
D. lump-sum.
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A 10 percent increase in price leads to a 20 percent decrease in the quantity demanded. The price elasticity of demand is equal to
A) 0.5. B) 1.0. C) 2.0. D) 20.0. E) 10.0.
Which of the following statements is true when the consumer is in utility-maximizing equilibrium?
A) The number of units of each good purchased is equal. B) The prices of the goods in question must be equal. C) The total benefits the consumer receives from every good consumed must be the same for all goods. D) The rate at which the consumer is willing to trade one good for another is equal to the ratio of their market prices.
Which of the following will result in an increase in the output of a nation?
a. A decrease in exports b. A decrease in investment spending c. A decrease in interest rates d. A decrease in consumption
When people speak of the labor force participation rate, they are actually talking about the percentage of
a. people not working but actively seeking work. b. people who are working. c. new entrants into the labor force. d. working-age people who are either working or seeking work.