The distinctive feature of a progressive tax is that the dollar value of taxes paid rises as income rises
Indicate whether the statement is true or false
False
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In Democracy in America, Alexis de Tocqueville argued that
What will be an ideal response?
The law of increasing opportunity costs states that:
A. if society wants to produce more of a particular good, it must sacrifice larger and larger amounts of another good to do so. B. the sum of the costs of producing a particular good cannot rise above the current market price of that good. C. if the sum of the costs of producing a particular good rises by a specified percent, the price of that good must rise by a greater relative amount. D. if the prices of all the resources used to produce goods increase, the cost of producing any particular good will increase at the same rate.
A monopsonistic employer:
A. has a perfectly elastic labor supply curve. B. is necessarily a monopolist in the product market. C. confronts a marginal resource (labor) cost that is greater than the wage rate. D. confronts a marginal resource (labor) cost that is less than the wage rate.
The GDP deflator measures how prices change over time.
Answer the following statement true (T) or false (F)