A tax is proportional if, as a person's income rises, the:
a. tax rate is constant.
b. tax rate falls.
c. tax rate rises.
d. amount of the tax is constant.
e. amount of the tax falls.
a
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What will be an ideal response?
Two variables are negatively correlated if:
A. they move in the same direction. B. they move in the opposite direction. C. their movements tend to be unrelated. D. one is simply a multiple of the other.
Economists need to develop abstractions in order to: a. avoid analyzing real-world economic interactions, which are too complicated to understand. b. distinguish normative economic behavior from positive economic behavior
c. avoid committing the fallacy of composition. d. understand and explain economic behavior.
The granting of small, unsecured loans to small businesses and entrepreneurs is known as
A. Growth finance. B. Long-term finance. C. Microfinance. D. Extreme finance.