Tax Exit ticket

A tax that takes a larger percentage of income from high income groups than from lower income groups

• Progressive

• Regressive

• Proportional

• Fair Tax

A sale tax is typically considered a...

• regressive tax

• progressive tax

• proportional tax

• fair tax

Why are user fees considered a regressive tax?

• User fees are considered a regressive tax because they take more from larger income groups than lower income groups

• User fees are considered a regressive tax because they take a larger percentage of income from low income groups than from high income groups

• User fees are considered a regressive tax because they take the same percentage of income from low and high income groups

• User fees are considered a regressive tax because they take a larger percentage of income from all income groups

As your income goes up, the percentage of income spent on taxes goes down.

• progressive tax

• proportional tax

• regressive tax

• none of the above

The flat tax is an example of what type of tax?

• progressive tax

• proportional tax

• regressive tax

• None of the above

Sales tax designed to raise revenue and reduce consumption of socially undesirable products such as liquor and tobacco.

• estate tax

• sin (excise) tax

• gift tax

• FICA

Which economic situation is characterized by unlimited wants exceeding limited resources?

• scarcity

• shortage

• surplus

• specialization

The factors of production are

• Land, labor, capital, time

• Human resources, natural resources, capital resources, and entrepreneurship

• Consumption, Investment, Government Spending, and Net Exports

• Human resources, natural resources, capital resources, and time

Bailey makes $20,000 a year and pays 5% in taxes. Felicia makes $85,000 a year and pays 2.6% in taxes. This type of tax system is

• Progressive

• Regressive

• Proportional

• Fair

In country A, everyone pays a 10% income tax. This type of tax system is known as

• Proportional

• Progressive

• Regressive

• Income