-The Above Figure Shows How Many Pounds of Peanuts Farmers

question 279

Multiple Choice

-The above figure shows how many pounds of peanuts farmers are willing to sell at different prices per pound of peanuts.If the price of a pound of peanuts is $1 and the price of a pound of pecans is $2,peanut farmers are willing to sell

• A) no peanuts.
• B) 1000 pounds of peanuts.
• C) 2000 pounds of peanuts.
• D) 4000 pounds of peanuts.
• E) more than 4000 pounds of peanuts.

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Definitions:

Property Taxes

Taxes paid by property owners, based on the value of their property, to fund public services and infrastructure.

Education

A process of facilitating learning, or the acquisition of knowledge, skills, values, beliefs, and habits through various means such as teaching, training, storytelling, discussion, and directed research.

Regressive Tax

At the individual level, a tax whose average tax rate decreases as the taxpayer’s income increases. At the national level, a tax for which the average tax rate (= tax revenue/GDP) falls as GDP rises.

Income Tax Base

The total amount of income on which an individual or entity is required to pay income tax.