Provide the definition for a regressive tax and give an example
What will be an ideal response?
A regressive tax is one in which the burden, as expressed as a percentage of income, falls as income increases. Excise taxes are typically regressive because higher-income individuals save a larger fraction of their income
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According to your textbook, the benefits of civilization are heavily dependent on
A) accurate numerical estimates by government officials of available resources and of basic consumption requirements. B) agreement among the members of society on the best means for achieving their goals. C) agreement among the members of society on the goals to be pursued. D) government planning for long-run economic growth. E) the ability to induce other people to cooperate.
Refer to Table 1-2. What is Thuy Anh's marginal benefit if she decides to stay open for an extra three hours instead of two hours?
A) $0 B) $20 C) $25 D) $45 E) $70