If a person is taxed $100 on an income of $1,000 . taxed $220 on an income of $2,000 . and taxed $390 on an income of $3,000 . this person is paying a(n):
a. progressive tax.
b. poll tax.
c. regressive tax.
d. excise tax.
e. proportional tax.
a
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If business taxes rise in a large open economy, it causes the current account to ________ and saving to ________
A) fall; fall B) rise; remain unchanged C) fall; remain unchanged D) rise; fall
Which of the following statements best characterizes a basic difference between market economies and centrally planned economies?
a. Society relies more upon prices to allocate resources when the economy is centrally-planned than when it is market-based. b. The self-interest of households is reflected more fully in the outcome of a centrally-planned economy than in the outcome of a market economy. c. Government plays a larger role in the economic affairs of a market economy than in the economic affairs of a centrally planned economy. d. None of the above are correct.