Progressive income tax can be expressed as
Tax that falls as income rises
Tax that rises as income falls
Tax that is independent of income
Tax that rises as income rises
Tax that is neutral to income
Correct answer is D
No explanation has been provided for this answer.
Opportunity cost is best defined as?
The penalty for not seizing golden opportunities
Sacrificed alternative (output, income etc.)
The cost of creating job opportunities
Payment made to an industrial worker
The difference between fixed and variable costs
Correct answer is B
No explanation has been provided for this answer.
Which of the following is NOT a characteristic of perfect competition?
Many sellers and buyers in the markets
There is perfect knowledge
Supply and demand are equal
There is no advertising
Products are identical
Correct answer is C
No explanation has been provided for this answer.
Inflation is likely to benefit?
Persons with bank savings
Persons employed in financial houses
Debtors
Persons who lived on fixed pension funds
Creditors
Correct answer is C
No explanation has been provided for this answer.
If the income of a consumer rises and his demand for good X falls, good X can be described as
A normal good
An abnormal good
A good with inelastic demand
A good with unitary elastic demand
None of the above
Correct answer is E
No explanation has been provided for this answer.