The Lithuanian tax rate for all citizens' income is 24 percent and in Estonia, the tax rate is 21 percent. Lithuanian and Estonian income tax systems are examples of ________ taxes
A) proportional
B) progressive
C) regressive
D) equality
A
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You have noticed that there is a persistent shortage of teachers in an inner-city school district in your state. Based on this observation, you suspect that:
A. the wage for teachers in that district is lower than the equilibrium wage. B. the demand for teachers in the inner-city school district is too low. C. there is an excess supply of teachers in other districts. D. the wage for teachers in that district is higher than the wage in other districts.
Refer to Figure 11-4. The movement from A to B to C illustrates
A) diminishing returns to labor. B) an improvement in technology. C) a decline in capital per worker. D) diminishing returns to capital.
Real GDP is the value of goods and services
A) adjusted only for unanticipated inflation. B) adjusted only for anticipated inflation. C) using base-year prices. D) using current-year prices.
If a firm's production function is Leontief and the wage rate goes up, the:
A. firm must use more labor in order to minimize the cost of producing a given level of output. B. firm must use less labor in order to minimize the cost of producing a given level of output. C. cost minimizing combination of capital and labor does not change. D. firm must use more capital in order to minimize the cost of producing a given level of output.