You use $5,000 of your own money to start a dog-walking business. During the first year you earn a 5% return on your investment. If the current interest rate on savings is 8%, you earn an economic profit of

An income tax is defined as regressive if

a. the tax liability of those with higher incomes exceeds the tax liability of those with low incomes. b. the tax liability of those with higher incomes is less than the tax liability of those with low incomes. c. those with higher incomes pay a higher percentage of their incomes in taxes than those with low incomes. d. those with higher incomes pay a lower percentage of their incomes in taxes than those with low incomes.

European governments accepted prolonged periods of unemployment in the 1990s in order to reduce inflation.

Answer the following statement true (T) or false (F)