Which tax system requires all taxpayers to pay the same percentage of their income in taxes?
a. a regressive tax
b. a proportional tax
c. a progressive tax
d. a horizontal equity tax
b
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German luxury car exports were hurt in 2009 as a result of the recession. How would this decrease in exports have affected Germany's aggregate demand curve?
A) The aggregate demand curve would have shifted to the right. B) The aggregate demand curve would have shifted to the left. C) The aggregate demand curve would not have shifted, but there would have been a movement down the aggregate demand curve. D) The aggregate demand curve would not have shifted, but there would have been a movement up the aggregate demand curve.
A sustained decrease in the price level is known as deflation
a. True b. False Indicate whether the statement is true or false
A decrease in price:
A. does not change quantity demanded if demand is elastic. B. does not cause a quantity effect when demand is perfectly inelastic. C. causes a decrease in total revenue due to the quantity effect. D. causes an increase in total revenue due to the price effect.
What is likely to happen to the supply of firemen as building codes change to require firewalls and sprinklers to be included in all new construction?
A. The supply of firemen will increase because there will be fewer fires. B. The supply of firemen will remain unchanged because the supply curve relates the number of fire fighters to the wage, not to the number of fires. C. The supply of firemen will decrease as long as the property tax-base increases when the new construction projects are completed. D. The supply of firemen will increase as long as wages paid to workers on new construction projects is also increasing. E. The supply of firemen will fall because there will be fewer fires.