A tax is said to be progressive if
a. the absolute size of the tax (in dollars) increases as income increases
b. the wealthy pay a smaller percentage of their income than the poor
c. the average tax rate falls as income rises
d. the proportion of income paid as taxes increases as income increases
e. the proceeds are used to pay for liberal political programs
D
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Olives are used to produce olive oil. If the price of olives increases
A) the supply of olive oil decreases. B) the supply of olive oil increases. C) the demand for olive oil decreases. D) the demand for olive oil increases.
According to Okun's Law, for each 1 percentage point that the unemployment rate is above the natural unemployment rate, then
A) the inflation rate is greater than the expected inflation rate by 2 percentage points. B) real GDP is above potential GDP by 2 percent. C) real GDP is below potential GDP by 2 percent. D) the real interest rate is below the natural real interest rate by 1 percentage point. E) the inflation rate is less than the expected inflation rate by 1 percentage point.