A tax is structured so that people with the same income pay the same percentage of their income in taxes is called a (an):
a. excise tax.
b. flat tax.
c. progressive tax.
d. regressive tax.
b
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The value of a country's exports during a particular year was $120,000 and the value of its imports was $85,000. Which of the following is true?
A) The country ran a fiscal deficit of $205,000 during that year. B) The country ran a trade surplus of $35,000 during that year. C) The country ran a budget surplus of $205,000 during that year. D) The country ran a trade deficit of $35,000 during that year.
Consider a car dealership that advertises a three-year lease at $250 per month. When you arrive to apply, you discover that the lease requires a down payment of $3600 dollars. You will undertake the lease if
A) you value the lease at least $350 per month. B) you value the lease at least $250 per month, the $3600 is a sunk cost. C) you value the lease less than $350 per month. D) you value buying a new car at $400 per month.
Which determinant shifts supply?
a. income b. prices of related goods c. technology d. tastes and preferences
By all accounts, the annual economic gains to immigration in the United States are
A. substantial at $480 million, or 3.2% of GDP. B. extremely large at $1.5 trillion, or 10% of GDP. C. negative as immigrant workers take jobs away from American workers. D. relatively small at about $46 billion, or 0.24% of GDP. E. non-existent at essentially $0.