A lump-sum tax:
A. charges the same amount to each taxpayer, regardless of economic behavior or circumstances.
B. refers to annual, rather than quarterly tax payments throughout the year.
C. is tied to spending habits, not income levels.
D. is tied to income levels, not spending habits.
A. charges the same amount to each taxpayer, regardless of economic behavior or circumstances.
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Under the gold standard system, 1 ounce of gold was worth $23 in the United States and worth 15.5 pounds in Great Britain. If the price of gold in Great Britain decreases by 10%, then:
A) the new exchange rate would show approximately 10% depreciation of the dollar. B) $1 = 1.64 pounds. C) 1 pound = $1.64. D) the new exchange rate would show approximately 10% depreciation of the dollar, and 1 pound would be equal to $1.64.
Suppose the Fed purchases $1 million in bonds in the open market. Explain how the money supply can increase by more than $1 million
What will be an ideal response?