Assume the government was to levy a tax of $100 per person on every individual in the country. Would this tax be characterized as proportional, progressive or regressive? Make sure to explain your reasoning
What will be an ideal response?
This would be a regressive tax. The reason is that as incomes rise people will bear a lower average tax rate and vice versa.
Economics
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Refer to the figure above. If the supply curve for flash drives shifts from S1 to S2, with no change in the demand curve, the new competitive equilibrium price is:
A) $3. B) $4. C) $5. D) $7.
Economics
Which of the following is a correct listing of money's functions?
A) source of credit, value of transaction costs, unit of barter B) medium of barter, medium of exchange, medium of transactions C) unit of barter, unit of account, a unit of income D) store of value, store of exchange, measure of account E) store of value, medium of exchange, unit of account
Economics