A progressive tax means
a. people who make more money pay less total taxes
b. the marginal tax rate increases as income increases
c. the percentage of income paid out decreases as income increases
d. people who are poor receive the proceeds of the tax
e. the same thing as a flat-rate tax
B
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The individual transferrable quota system (ITQ) used to control overfishing is a variation of
A) the tragedy of the commons. B) a prisoner's dilemma game. C) the cap-and-trade system. D) a negative externality.
The government proposes a tax on halogen light bulbs. Sellers will bear the entire burden of the tax if the
A) demand curve for halogen bulbs is vertical. B) demand curve is downward sloping and the supply curve is upward sloping. C) supply curve of halogen bulbs is horizontal. D) demand curve for halogen bulbs is horizontal.