A simplified representation of a complicated situation is:
A. econometrics.
B. cutting corners.
C. useless without adding fine details.
D. a model.
Answer: D
Economics
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The relationship that tells us how much a person intends to spend at various levels of income is
A) the expenditure function. B) the consumption function. C) the buying function. D) the spending function.
Economics
If a person is taxed $1,000 on an income of $10,000 . taxed $2,000 on an income of $20,000 . and taxed $3,000 on an income of $30,000 . this person is paying a(n):
a. progressive tax. b. regressive tax. c. proportional tax. d. poll tax. e. excise tax.
Economics