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 what diminishing marginal utility is.
What will be an ideal response?
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