A "flat tax" on personal income, in which the same tax rate is applied to every dollar of income earned by each taxpayer, is an example of
A) a regressive tax.
B) a proportional tax.
C) a progressive tax.
D) a value-added tax.
B
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Answer the next question based on the data provided in the tables below regarding the production possibilities for rice and corn for two hypothetical nations, Wat and Xat. Wat's Production Possibilities ABCDEFRice7506004503001500Corn050100150200250Xat's Production Possibilities ABCDEFRice2,5002,0001,5001,0005000Corn0100200300400500The mutually beneficial terms of trade will be
A. between 3 and 5 units of rice for 1 unit of corn. B. greater than 6 units of rice for 1 unit of corn. C. between 3 and 5 units of corn for 1 unit of rice. D. less than 2 units of rice for 1 unit of corn.
Using the above figure, during which of the following periods does the price of crude oil shows an upward trend?
A) May to November B) May to July and October to December C) July to October D) April to November
The primary purpose of patents and copyrights is to
A) protect firms from being taken advantage of by competing firms. B) protect domestic firms from foreign competition. C) provide owners with large profit forever. D) encourage the expenditure of funds on research and development to create new products.
The unbalanced development strategy relies on
a. the government broadening its time horizon b. economic dualism, that is, government and the private sector c. the balancing effect of foreign aid and investment d. investments creating new supply capacities, which create new demands, which stimulates investments in new supply capacities e. incentives created by income disparity