Investing in a mutual fund made up of hundreds of stocks of different companies is an example of all of the following except:

Which of the following is an implicit cost? i. wages paid to workers ii. the normal profit iii. the electric bill

A) i only B) ii only C) i and ii D) ii and iii E) Neither i, ii, nor iii

Refer to the scenario above. If each family pays 12% of its income as tax every year, the local government follows a(n) ________ tax system

A) cardinal B) ordinal C) progressive D) proportional