Consider the country of Inland. In Inland, people's average tax rates decrease with the level of income. Inland has a ________ tax structure
A) progressive
B) regressive
C) proportional
D) flat-rate
B
You might also like to view...
Winnie's Car Wash is a perfectly competitive firm. The table above shows Winnie's total product schedule. If the price of a car wash is $4, and Winnie maximizes his profit when he employs 3 workers, the wage rate is
A) $25 per day. B) $30 per day. C) $70 per day. D) $50 per day.
The New York Stock Exchange is an auction market in which the role of auctioneers is played by
A) brokers. B) traders. C) specialists. D) agents.
When a perfectly competitive, well-functioning market is in equilibrium:
A. consumer surplus is minimized. B. producer surplus is minimized. C. total surplus is maximized. D. total surplus is zero.
If MUx/Px exceeds MUy/Py, then the consumer should
a. consume more of good X and less of good Y b. consume less of good X and more of good Y c. consume less of both goods X and Y d. not change the consumption levels of X and Y e. consume more of good Z