The federal income tax in the United States is
A) regressive.
B) proportional.
C) progressive.
D) a flat-rate tax.
C
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The phenomenon of nonparticipation appears to be a permanent state
Indicate whether the statement is true or false
A production possibilities curve with quantities of clothing and food on the axes shows which of the following?
I. A society cannot have an unlimited amount of each good. II. For an efficient society, an increase in clothing production will necessitate a decrease in food production. III. A society will always produce the maximum amount of both clothing and food. A) I only B) II only C) III only D) Both I and II
In 2010, households in the lowest quin tile of the income distribution received
a. 3.8 percent of aggregate income. b. 5.7 percent of aggregate income. c. 8.7 percent of aggregate income. d. 10 percent of aggregate income.
Tommy spends most of his monthly budget on $3 video game rentals or $6 packets of baseball cards. The opportunity cost to Tommy of an extra packet of baseball cards is
A. one video game rental. B. two video game rentals. C. the cost of the baseball cards. D. he does not incur an opportunity cost.