What is personal income tax? On which principle does the federal government levy this tax?
The personal income tax is a tax levied on the income of an individual or a family. The federal government levies personal income tax based the ability-to-pay principle as the personal income tax is progressive in nature. The ability-to-pay principle of taxation refers to the idea that people with greater ability to pay taxes should pay higher taxes.
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Why is it that North-South trade in manufactures seems to be consistent with the results or expectations generated by the factor-proportions theory of international trade, whereas North-North trade is not?
What will be an ideal response?
When many sellers are involved in selling their products in a market, the market structure may be which of the following? i. perfect competition ii. monopolistic competition iii. monopoly
a. (i) only b. either (i) or (ii) c. (ii) only d. (i), (ii), or (iii)