If a tax system is progressive, then
A) the average and the marginal tax rates are equal.
B) the marginal tax rate is greater than the average tax rate as income rises.
C) the marginal tax rate is lower than the average tax rate as income rises.
D) the average tax rate is constant, but the dollar amount paid in taxes increases as income increases.
Answer: B
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Property owned by governments is called:
A. Private property B. Shared property C. Public property D. Common property
Suppose you purchase a new home for $250,000, making a down payment of 25% and taking out a mortgage on the balance. What is the return on your investment in your home if one year later the price of your home increases by 30%?
A) 27.5% B) 41.7% C) 83.3% D) 120%
Because nothing in life is free, the cost of a price ceiling program is chronic excess supply
Indicate whether the statement is true or false
Over 50 percent of all U.S. workers now belong to unions.
Answer the following statement true (T) or false (F)