If everyone pays a fixed dollar amount of tax, then the tax is a:
A. Proportional tax
B. Regressive tax
C. Personal tax
D. Marginal tax
B. Regressive tax
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If the price of beef jerky rises, the substitution effect due to the price change will cause
A) an increase in the demand for hot sauce, a complement for beef jerky. B) a decrease in the quantity of beef jerky demanded. C) an increase in the quantity of beef jerky demanded. D) an increase in the demand for beef jerky.
List the economic functions of governments
What will be an ideal response?
The president has influence on Federal Reserve policy because
A. he can veto any Fed policy. B. he appoints the board members and the chair. C. he can fire the chair. D. he can replace board members at any time.
A firm with total revenue of $500, total cost of $700, and variable cost of $400 should continue to operate its production facility.
Answer the following statement true (T) or false (F)