An example of a tax that is generally regarded to be progressive is
A. the federal income tax.
B. the excise tax on gasoline.
C. the state sales tax.
D. the payroll tax.
A. the federal income tax.
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In perfect price discrimination, consumer surplus is zero because each consumer pays: a. the market price
b. the cost price. c. peak load price. d. the reservation price
Which of the following is not an assumption of the productions possibilities frontier?
a. A country produces only two goods or types of goods. b. Technology does not change. c. The amount of available resources does not change. d. There is a fixed quantity of money.
A budget line describes:
a. the alternative combinations of two goods that a buyer can purchase with a given money income b. the alternative combinations of two goods that will yield the same level of total satisfaction to a consumer c. the quantities of a particular good that a consumer will purchase at various prices
Suppose you are the marketing manager for Fruit of the Loom. An individual's inverse demand for Fruit of the Loom women's underwear is estimated to be P = 25 ? 3Q (in cents). If the cost to Fruit of the Loom to produce an item of women's underwear is C(Q) = 1 + 4Q (in cents), compute the price Fruit of the Loom should charge for a package of women's underwear.
A. $136.50 B. $1.02 C. $1.09 D. $108.50