Suppose George's income is $10,000 and he pays a tax of $1,000, but Laura's income is $50,000 and she pays a tax of $4,000. Such a tax is:
A. regressive.
B. progressive.
C. proportional.
D. flat.
Answer: A
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Under a market system, an individual’s income is ultimately determined through
a. education. b. training. c. productivity. d. the pricing system.
It is useful to study the Solow growth model because
A) it provides a useful account of the reasons for population growth. B) it is useful in understanding the sources of economic growth after 1800. C) it has a steady state. D) it can help us understand the reasons for population control.
The spectrum of market structures, aligned from the least to the greatest number of firms, spans
a. monopoly to duopoly b. monopoly to oligopoly c. monopoly to triopoly d. monopoly to perfect competition e. monopolistic competition to oligopoly
The corporate tax applies to firms’ total revenues.
Answer the following statement true (T) or false (F)