The Full Employment Act of 1946 was based on the ideas associated with the

Market failure is a term used to describe what happens when market arrangements do not allocate resources efficiently

a. True b. False Indicate whether the statement is true or false

With a proportional tax, higher-income persons will pay:

A. The same amount of taxes as lower-income persons B. A bigger amount in taxes compared to lower-income persons C. A higher proportion of their income in taxes than lower-income persons D. A higher marginal tax rate as their incomes rise