If Mike earns $80,000 this year and pays $16,000 in taxes and David earns $50,000 this year and pays $11,000 in taxes, this tax system would appear to be
a. progressive
b. proportional.
c. regressive.
d. none of the above
c
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Which of the following would cause a decrease in the demand for U.S. dollars?
A. An economic boom in the United States B. An economic boom in Europe C. Increased vacations in the United States by Europeans D. A recession in Europe
Prices of smartphones (assume that this is a normal good) have fallen in recent years. Over this same period, the price of the components used to produce smartphones has also fallen and consumer incomes have risen
Which of the following best explains the falling prices of smartphones? A) The supply curve for smartphones has shifted to the right while the demand curve for smartphones has shifted to the left. B) The supply curve for smartphones has shifted to the right more than the demand curve has shifted to the right. C) The demand curve and the supply curve for smartphones have both shifted to the left. D) The demand curve for smartphones has shifted to the right more than the supply curve has shifted to the right.
The difference between the minimum price the producer is willing to accept and the price the producer actually receives for a product is referred to as:
a. market surplus b. market shortage c. buyer surplus d. seller surplus.
The marginal propensity to consume is calculated by dividing the change in consumer spending by the change in disposable income
a. True b. False Indicate whether the statement is true or false