When the average tax rate rises as income rises, this is known as progressive taxation
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to Figure 1A.1. If the hours worked per week are 30, the income per week is
A) 50. B) 100. C) 150. D) 200.
If the price elasticity of demand for good A is -1, then a 1% increase in
A) consumer income will result in a 1% decrease in the demand for good A. B) consumer income will result in a 1% increase in the demand for good A. C) the market price of good A will result in a 1% increase in the quantity demanded of good A. D) the market price of good A will result in a 1% decrease in the quantity demanded of good A.
According to Joseph Schumpeter, many Midwestern railroads:
a. were built too late and thus faced heavy competition from trucks. b. were built ahead of demand. c. were unnecessary because they followed routes already adequately served by other means of transportation. d. would have been built more quickly in the absence of government aid.
Profits account for about 30 cents out of each dollar spent on goods in the United States
a. True b. False Indicate whether the statement is true or false