The decision to make the U.S. income tax system progressive was
A) a positive decision.
B) a normative decision.
C) a decision that was needed to minimize the excess burden of taxation.
D) a progressive decision.
B
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In the figure above, international trade ________ consumer surplus in the United States by ________
A) decreases; $2.88 billion B) decreases; $1.92 billion C) increases; $2.88 billion D) increases; $4.8 billion
A monopolistically competitive firm faces a downward-sloping demand curve because
A) of product differentiation. B) its market decisions are affected by the decisions of its rivals. C) it is able to control price and quantity demanded. D) there are few substitutes for its product.
Adverse selection in insurance requires that
a. potential customers face different levels of risk b. potential customers facing more risk are no more interested in purchasing insurance c. people are not risk averse d. insurers can tell higher risk people from lower risk people
A tax on sellers shifts the supply curve to the left
a. True b. False Indicate whether the statement is true or false