The unique feature of a progressive income tax is that the higher one's income (up to some point), the __________ one pays
A) more taxes
B) higher the tax rate
C) less taxes
D) lower the tax rate
E) none of the above
B
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If the price level increases from 110.0 to 115.0, the quantity of
A) real GDP supplied will increase. B) real GDP supplied will decrease. C) potential GDP will decrease. D) real GDP demanded will increase. E) potential GDP will increase.
The above figure shows the market for neckties. Based on the graph, how much tax per necktie has been imposed by the government?
A) $1.25 per tie B) $1.00 per tie C) $0.75 per tie D) More information is needed to determine the tax that the government has imposed.
Which of the following offers the best example of a positive externality?
a. A coastal dairy farmer's undeveloped land offers unimpeded views of the ocean for a nearby neighborhood. b. A pulp mill emits chlorine pollution into the water, harming members of society. c. A welding shop makes a lot of noise, reducing the property values of nearby homes. d. A person goes to a store and pay $0.75 for a candy bar that he can eat.
Property rights have a positive effect in a market economy because they encourage owners to maintain their property.
Answer the following statement true (T) or false (F)