A tax that taxes a larger percentage of an individual's income as their income rises is called a _____
a. proportional tax
b. progressive tax
c. head tax
d. regressive tax
b
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Lily has $10 to spend each week on fish and chicken. Fish costs $2 a serving and chicken costs $3 a serving. The table shows Lily's marginal utilities of fish and chicken. Lily will consume ________ servings of chicken and ________ of fish each week
A) 4; 0 B) 1; 3 C) 0; 5 D) 2; 2
Refer to the above figure. Which panel does not represent a possible short-run situation for a monopolistically competitive firm?
A) Panel A B) Panel B C) Panel C D) Panel D
Lower interest rates on business loans usually result in a(n):
a. decrease in aggregate demand. b. decrease in aggregate supply. c. decrease in investment spending. d. increase in government spending. e. increase in aggregate expenditures.
If food is measured on the horizontal axis of a budget line diagram, and clothing is measured on the vertical axis, the slope of the budget line
a. may be positive if the price of clothing is high enough b. may be positive if the price of food is high enough c. may be positive if income is large enough d. equals the maximum consumption of food divided by the maximum consumption of clothing times -1 e. equals the maximum consumption of clothing divided by the maximum consumption of food times -1