A regressive tax
a. taxes individuals with higher incomes at a higher rate than individuals with lower incomes.
b. takes a similar percentage of income at all income levels.
c. takes a higher percentage of the income of those with lower incomes than for those with higher incomes.
d. taxes savings at a higher rate than consumption.
C
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Risk pooling:
A. gathers individuals with similar risks and pools them together. B. reallocates the costs of catastrophes when they occur. C. reallocates the likelihood of catastrophes happening. D. diversifies the risk of catastrophes occurring.
In a market in which the government has set a price ceiling below the equilibrium price:
A. there will be excess supply. B. the quantity demanded will equal quantity supplied. C. a black market might develop. D. quantity supplied will exceed quantity demanded.