A tax that takes a smaller percentage of an individual's income as their income rises is called a _____
a. proportional tax
b. progressive tax
c. sumptuary tax
d. regressive tax
d
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Suppose that TC = $550, TVC = $500, and MC = $100. If the firm produces 10 units of output, then
A. MC > AVC. B. AVC > MC. C. AVC = MC. D. AFC = AVC.
Suppose that real GDP starts at 200 and grows at a rate of 9 percent per year for two years. In the third year real GDP would be
A) 183.49. B) 236. C) 237.62. D) 239.24.
The economic way of thinking should be thought of as
A) a hypothesis. B) a parable. C) a set of conclusions. D) an approach. E) a statistical procedure.
The fact that our wants are unlimited but our resources are limited implies that
A) we should limit our wants. B) entrepreneurship has failed as an economic system. C) we have to make choices. D) the only way to make someone better off is to make someone else worse off.