A tax is progressive when
a. the rate increases when income decreases.
b. the rate stays the same when income increases.
c. the rate increases when income increases.
d. the rate changes as taxpayers become older.
c. the rate increases when income increases.
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When the price of one product falls,
A. consumers’ real income will increase. B. consumers will buy less of that product. C. consumers will not change their buying patterns. D. consumers’ real income will decrease.
Which multilateral institution serves as the lender of last resort?
What will be an ideal response?
If an industry's long-run supply curve is negatively-sloped, the industry has
a. increasing costs. b. decreasing costs. c. constant costs. d. impossible to predict.
To an economist, the four factors of production are
A. Land, labor, capital, and entrepreneurship. B. Labor, workers, profit, and services. C. Entrepreneurship, machinery, workers, and profit. D. None of the choices are correct.