A ______ tax would charge the same percentage to people, regardless of income level.
a. proportional
b. progressive
c. regressive
d. marginal
a. proportional
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Gross Domestic Product is equal to the sum of consumption expenditure, investment, net exports, and ________
A) government expenditures on goods and services B) saving C) profits D) net taxes
What is meant by utility?
What will be an ideal response?
If the demand for a consumer good decreases, the demand for resources required to make the good will
a. increase. b. remain the same, but the quantity demanded will increase. c. decrease. d. increase or decrease depending on whether the demand for the product is elastic or inelastic.
Exhibit 8-2 Demand and cost information for a monopoly Q P TC 0 40 10 1 30 15 2 20 25 3 10 40 4 0 60 Refer to Exhibit 8-2. Using the rule that focuses on the marginal approach to maximizing profits, the monopolist maximizes profit by choosing price equal to:
A. $40. B. $20. C. $10. D. $0.