A lump-sum tax:
A. takes the same percentage of taxes from income from all taxpayers.
B. requires those with low incomes to pay a smaller percentage of their income than high-income people.
C. is levied so that low-income taxpayers pay a greater proportion of their income toward taxes than high-income taxpayers.
D. taxes everyone the same amount, regardless of their income.
D. taxes everyone the same amount, regardless of their income.
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If a rent ceiling is set below the equilibrium price, thus creating a ________, housing may be allocated by increasing search activity or creating a ________
A) shortage; black market B) shortage; free market C) surplus; black market D) surplus; open market E) surplus; free market
Refer to Figure 22-2. Assuming no technological change, if the United States increases capital per hour worked by $40,000 every year between 2012 and 2016, we would expect to see
A) real GDP per hour worked will be lower in 2016 than it was in 2012. B) the per-worker production function will get flatter over time. C) real GDP per hour worked will increase by the same increment each year between 2012 and 2016. D) the per-worker production function will shift up every year there is increase in capital per hour worked.
If the percentage increase in the quantity supplied is smaller than the percentage increase in the price, the supply:
A. is elastic. B. is inelastic. C. is perfectly elastic. D. is unit elastic.
How can the utility-maximizing rule be used to explain the substitution and income effect?
Please provide the best answer for the statement.