The progressive structure of the income-tax system is based on the
A. ability-to-pay principle.
B. principle that "taxes are the price we pay for civilization."
C. benefits-received principle.
D. principle of diminishing returns.
Answer: A
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The time it takes to overcome the practical and procedural hurdles before the Fed can begin to fix the economy is called the
A) recognition lag. B) implementation lag. C) impact lag. D) liquidity lag.
By producing at the point where MR = MC, the firm:
a. is guaranteed a profit. b. will earn a profit of zero. c. will lose money. d. profit is maximized. e. output.
The nominal value of any economic statistic refers to the number that is actually announced at that time, while the ________________ refers to the statistic after it has been adjusted for inflation.
Fill in the blank(s) with the appropriate word(s)
A good or service that is rival but nonexcludable is called a ________, and a good or service that is nonrival but excludable is called a ________.
A. public good; collective good B. commons good; public good C. commons good; collective good D. public good; private good