Refer to the scenario above. Which family pays the highest percentage of its income as tax if income taxes collected by the local government are regressive in nature?

A) The first household
B) The second household
C) The third household
D) The fourth household

A

Economics

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Collectives in the Soviet Union were inefficient producers of agricultural products. Why?

(A) The farms were too small to produce substantial crops. (B) Most farmers were poor and ad to pay for their own equipment, seeds, and fertilizer out of their own pockets. (C) Soviet central planners ignored the farms in favor of factories producing consumer goods. (D) Farm workers had guaranteed incomes, so they had few incentives to produce more or better crops.

Economics

If there are 10,000 people in your age bracket, and 10 of them died last year, an insurance company believes that the probability of someone in that age bracket dying this year would be

A) 0. B) .001. C) .0001. D) 1,000.

Economics