A "flat tax" on personal income, in which the same tax rate is applied to every dollar of income earned by each taxpayer, is an example of
A. a value-added tax.
B. a proportional tax.
C. a regressive tax.
D. a progressive tax.
Answer: B
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According to the Hotelling Principle, the price of an nonrenewable resource
A) falls slowly over time. B) falls at a rate equal to the interest rate. C) rises at a rate equal to the interest rate. D) remains constant over time.
Price elasticity of supply:
A. is the percentage change in the quantity supplied of a good or service divided by the percentage change in the price of the good or service. B. measures consumers' responsiveness to a change in price. C. is always a negative number. D. is the percentage change in the price of a good or service divided by the percentage change in the quantity supplied of the good or service.
What does a bank do with the money that you deposit?
A. Banks use the money for ordinary business expenses like paying employees. B. Banks keep your money in a vault in case you return to withdraw it. C. Banks lend most of the money to people who want to borrow. D. Banks use the money to purchase assets like gold and other precious metals.
Black and Hispanics poverty rates in the United States are about twice as high as Asian and white poverty rates.
Answer the following statement true (T) or false (F)