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SALES TAX: A tax on retail sales. This is major source of revenue for many state and local governments. Because poorer people tend to spend a larger share of their income on stuff covered by sales taxes, it tends to be a regressive tax. To reduce this regressiveness, some state and local governments excluded items like food and medicine.
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Lesson 2: Economic Science | Unit 4: Science and Practice
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Page: 14 of 20
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What theory inspired this hypothesis?- The suspicion might be informal, but that doesn't mean it lacks the basics of a theory:
- World View:
- Instructors are 'nice' people, who know and like students in the front of the class better-- and thus award them higher grades.
- General Laws of Nature:
- Less information reaches students seated in the back because of physical laws governing the diffusion of light and sound.
- More motivated students, who study more and earn higher grades, are inclined to sit near the front of the class.
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SLOPE, CONSUMPTION LINE The positive slope of the consumption line is also termed the marginal propensity to consume (MPC). This slope is greater than zero but less than one, reflecting induced consumption and the Keynesian psychological law of consumer behavior that consumption increases by less than the increase in income. The slope of the consumption line provides the foundation for the slope of the aggregate expenditures line and thus also affects the magnitude of the multiplier process.
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BLACK DISMALAPOD
[What's This?]
Today, you are likely to spend a great deal of time browsing about a thrift store trying to buy either a box of multi-colored, plastic paper clips or several orange mixing bowls. Be on the lookout for the last item on a shelf.
Your Complete Scope
This isn't me! What am I?
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Potato chips were invented in 1853 by a irritated chef repeatedly seeking to appease the hard to please Cornelius Vanderbilt who demanded french fried potatoes that were thinner and crisper than normal.
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"It is not because things are difficult that we do not dare; it is because we do not dare that they are difficult. " -- Seneca, statesman, dramatist, philosopher
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VC
Variable Cost
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