Use the Following to Answer Questions

question 214

Multiple Choice

Use the following to answer questions :
-(Table: Balance of Payment) Refer to the table Balance of Payments. The country's balance of payments on financial account is:

• A)zero.
• B)$375 billion.
• C)$355 billion.
• D)-$355 billion.

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Definitions:

Regressive Tax

A tax system where the tax rate decreases as the taxable amount increases, leading to a higher burden on lower-income individuals.

High-Income

A category used to describe individuals or households that earn significantly more money than the average for their area or country.

Low-Income

Refers to individuals or families whose earnings are significantly lower than the average, often defined by government thresholds.

Progressive Tax

A tax system in which the tax rate increases as the taxable base amount increases, meaning higher earners pay a higher percentage of their income in taxes.