A condition necessary for a country to achieve economic growth is
A) high tax rates so the government can purchase a lot of capital equipment.
B) strict environmental regulations.
C) economic freedom.
D) government control of the banking system.
E) democracy.
C
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Mr. Thomson has a before-tax income of $20,000 and paid taxes of $2,000 . Ms. Lynch had a before-tax income of $10,000 and paid taxes of $1,500 . Based on this information, which of the following is correct?
a. The tax system is progressive. b. The tax system is proportional. c. The tax system is regressive. d. The tax system is based on the benefits received. e. There is insufficient information to answer the question.
The production possibilities curve is: a. a graph that shows the combinations of output which are most profitable to produce
b. a graph that shows the various combinations of output it is possible for an economy to produce given its available resources and technology. c. a graph that shows the various combinations of resources that can be used to produce a given level of output. d. a curve that shows the quantity of output that will be offered for sale at various prices.