After graduation from college you will receive a substantial increase in your income from a new job. If you decide that you will purchase more T-bone steak and less hamburger, then for you hamburger would be considered a(n):

When the economy is producing the maximum amount that it can, increasing the money supply will cause prices and output to increase

Indicate whether the statement is true or false

Are lump-sum taxes regressive or progressive? Is the deadweight loss of taxation the same for different types of taxes?

What will be an ideal response?