Chris had a before-tax income of $20,000 and paid taxes of $3,000 . Pat had a before-tax income of $10,000 and paid taxes of $1,000 . Based on this information, which of the following is correct?
a. the tax system is regressive
b. the tax system is proportional
c. the tax system is progressive
d. the tax system is based on the benefits received
e. there is insufficient information to answer the question
C
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Refer to Table 4-7. The equations above describe the demand and supply for Pauline's Pickled Pomegranates. What are the equilibrium price and quantity (in thousands) for Pauline's Pickled Pomegranates?
A) $20 and 10 thousand B) $60 and 20 thousand C) $15 and 45 thousand D) $30 and 15 thousand
Suppose when the price of hybrid automobiles rises, consumers buy fewer hybrid automobiles. This implies that
A) there is a direct relationship between hybrid automobile prices and quantities purchased by consumers. B) there is a one-to-one relationship between hybrid automobile prices and quantities purchased by consumers. C) there is a positive relationship between hybrid automobile prices and quantities purchased by consumers. D) there is a negative relationship between hybrid automobile prices and quantities purchased by consumers.