Mr. Smith earns $1,000,000 and pays $100,000 in taxes. Mr. Jones earns $150,000 and pays $17,500 in taxes. The tax they pay would be considered
A. progressive.
B. proportional.
C. regressive.
C. regressive.
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It is possible to distinguish a monopoly from perfect competition by noting that only competitive firms can earn economic profits in the short run.
Answer the following statement true (T) or false (F)
Using your knowledge gained from this chapter, briefly explain why government “pork” is created, even when the government spending appears ridiculous
Please provide the best answer for the statement.
Which of the following is an assumption of theory of consumer behavior described in this chapter?
A. The consumer's income increases as prices of goods increase B. Each good that a consumer consumes has a price C. The consumer oftentimes is not sure about her preferences D. Marginal utility increases as more units of a good is consumed
If the Federal Reserve decreases the rate at which it increases the money supply, then unemployment is higher in
a. the long run and the short run. b. the long run but not the short run. c. the short run but not the long run. d. neither the short run nor the long run.