A tax for which the average tax rate decreases with income is defined as a
a. regressive tax.
b. proportional tax.
c. neutral tax.
d. progressive tax.
A
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The general rule for benefit maximization suggests that in personal equilibrium:
A) the ratio of total benefits to price should be identical across all goods. B) the ratio of total benefits to income should be identical across all goods. C) the ratio of marginal benefits to price should be identical across all goods. D) the ratio of marginal benefits to income should be identical across all goods.
The GDP deflator is a measure of the overall change in prices in an economy:
A. based on goods and services valued at constant prices. B. using the ratio of real to nominal GDP. C. based on price-changes determined when output is held constant. D. using the ratio of nominal to real GDP.
You are considering buying a store. The storeowner gives you an estimate of the net profits of the store on a typical day. The owner has most likely given you the figures for
a. The best case scenario b. The worst case scenario c. Any typical day d. Any typical year
Return to the version of the game between the fishermen in which they fish independently. If the marginal cost for just fisherman A went up, what would be the likely effect on the Nash equilibrium?
a. A would catch more fish, and B would catch fewer. b. A would catch fewer fish, and B would catch more. c. A would catch more fish, but B's catch would not change. d. A would catch fewer fish, but B's catch would not change.