Which of the following is the best description of the U.S. tax system?
A. The U.S. tax system is consistently progressive.
B. The federal income tax is regressive, but sales, property, and other taxes tend to be progressive.
C. The federal income tax is progressive, but sales, property, and other taxes tend to be regressive.
D. The U.S. tax system is consistently regressive.
Answer: C
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In equilibrium, with exports equal to imports it must be the case that
A) leakages equal injections. B) saving plus taxes equal government expenditures plus investment. C) total expenditures equal GDP. D) All of these.
In the short run
A. if current firms are earning a profit, new firms will enter the industry. B. firms act to minimize losses or maximize profits. C. all firms that earn a loss will shut down. D. All of the above are correct.
Why is private ownership an important source of economic prosperity?
A) It eliminates the opportunity cost of using a resource. B) It allows owners to do anything they want with their property. C) It makes it possible for owners to ignore the desires of others without having to bear the cost. D) It provides owners with a strong incentive to develop and use assets in ways that others value highly.
Most public school teachers are
A. members of a union, with pay determined by a scale recognizing only teacher quality. B. members of a union, but must negotiate their pay as individuals. C. members of a union, with pay determined by a scale recognizing only length of service and educational attainment. D. free agents, negotiating their salaries each year as individuals.