If a person is taxed $100 on an income of $1,000 . taxed $200 on an income of $2,000 . and taxed $300 on an income of $3,000 . this person is paying a(n):
a. progressive tax.
b. poll tax.
c. regressive tax.
d. excise tax.
e. proportional tax.
e
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Explain how our standard of living depends upon our level of real GDP per person, but there might not be a one-to-one relationship between the standard of living and real GDP per person. Give examples of things that can affect one, but not the other
What will be an ideal response?
A market in which many firms sell identical products is
A) a monopoly. B) an oligopoly. C) only perfectly competition. D) only monopolistic competition. E) both perfect competition and monopolistic competition.
Toothpaste and toothbrushes are complements, so the ________ elasticity of demand is ________
A) cross; positive B) income; negative C) cross; negative D) income; positive
Explain what diminishing marginal utility is.
What will be an ideal response?