Define horizontal equity and briefly describe some features of the U.S. federal income tax system that may interfere with achieving it
Horizontal equity is the idea that taxpayers with similar abilities to pay taxes should pay the same amount. Many of the deductions allowed in the U.S. federal income tax system for children, medical expenses, and educational expenses could alter the total taxes due for taxpayers with similar income levels.
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An individual demand curve can be derived from the ________ curve
A) price-consumption B) price-income C) income-substitution D) income-consumption E) Engel
If the equilibrium price of natural gas is $4 per thousand cubic feet and a price ceiling is imposed at $3 per thousand cubic feet, the result will be:
a. a surplus of natural gas. b. a shortage of natural gas. c. an accumulation of inventories of unsold gas. d. None of these.
Owners of preferred stock received fixed dividend payments while owners of common stock receive dividend payments that vary with the level of profits
a. True b. False Indicate whether the statement is true or false
The rising part of a perfectly competitive firm’s ________ cost curve is the firm’s short run _________ curve.
A) average total; supply B) average variable; demand C) average fixed; demand D) marginal; supply