You are impressed with a $60,000 Porsche and decide to buy one yourself. You end up paying a 20 percent customs duty and 10 percent in sales tax. These taxes are
a. progressive and related to your income
b. proportional and related to your income
c. regressive and related to your income
d. progressive and unrelated to your income
e. regressive and unrelated to your income
E
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According to the law of supply
A) people buy more of a good when the price increases. B) people buy less of a good when the price decreases. C) producers provide more of a good when the price decreases. D) producers provide less of a good when the price decreases.
The time span between the beginning of a downturn and the time by which hard data to indicate a downturn is made available is called:
a. the signal lag b. the implementation lag. c. the impact lag. d. the recognition lag.
If a laborer in Mexico can produce 2 bushels of wheat or 4 bushels of corn in a day, the opportunity cost of producing wheat is 4 bushels of corn
a. True b. False Indicate whether the statement is true or false
If inflation expectations rise, the short-run Phillips curve shifts
a. right, so that at any inflation rate output is higher in the short run than before. b. left, so that at any inflation rate output is higher in the short run than before. c. right, so that at any inflation rate output is lower in the short run than before. d. left, so that at any inflation rate output is lower in the short run than before.