Answer the next question on the basis of the following four tax schedules for the given base of taxable income.IncomeTax ATax BTax CTax D$10,000$650$1,000$500$1,00020,0008502,0001,0003,00030,0009504,0001,5006,00040,0001,0506,0002,0009,500Which of the above tax schedules is a proportional tax schedule throughout?
A. Tax A
B. Tax B
C. Tax C
D. Tax D
Answer: C
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Suppose that the price of labor, the only variable input needed to produce cotton, increases from $100 day to $120 day. The effect on costs will be
a. a parallel shift in the total cost curve. b. a parallel shift in the fixed cost curve. c. a parallel shift in the marginal cost curve. d. a shift in total cost by different amounts for different quantities.
The growth rate in potential GDP is equal to the growth rate in the population.
Answer the following statement true (T) or false (F)
It is difficult to make the concept of need useful because it is difficult to define and compare "needs" among people
a. True b. False Indicate whether the statement is true or false
Which of the following is likely to have the most price elastic demand?
a. clothing b. blue jeans c. Tommy Hilfiger jeans d. All three would have the same elasticity of demand because they are all related.