Ricardo's assumption for economic rents for land was based on
A) the supply of land being a fixed quantity.
B) a shortage of land.
C) a surplus of land.
D) total government control of land.
Answer: A) the supply of land being a fixed quantity.
Economics
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A) decreases aggregate supply; selling B) decreases aggregate demand; selling C) increases aggregate supply; buying D) decreases aggregate supply; buying E) increases aggregate demand; selling
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An income tax system in which the average tax rate decreases with the level of income is called a
A) progressive income tax system. B) proportional income tax system. C) regressive income tax system. D) flat-rate income tax system.
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