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    Microeconomics Principles and Policy Study Set 2
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    Exam 17: Taxation and Resource Allocation
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    Define the Following Terms and Explain Their Importance to the Study
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Define the Following Terms and Explain Their Importance to the Study

Question 59

Question 59

Essay

Define the following terms and explain their importance to the study of economics:
a. regressive tax
b. proportional tax
c. progressive tax
d. direct tax
e. indirect tax

Correct Answer:

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a. A regressive tax is one in which the ...

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