' Question 38 1 pts Even when people agree on the vertical equity principle, richer people should pay more taxes, they can still disagree on how much more the rich should pay. Given the information below, what can you say about the tax system used? Taxpayer Income Tax Tax as % of income 1 $ 50,000 $1,500 30% 2 $100,000 $25,000 25% 3 $200,000 $40,000 20% High-income taxpayers pay tax at the same fraction of their income as low-income taxpayers. This is a proportional tax system. High-income taxpayers pay more tax than do low-income taxpayers. This is a progressive tax system. High-income taxpayers pay tax at a lower fraction of their income than do low- income taxpayers. This is a regressive tax system. None of the above. Question 26 1 pts When China exports goods to the United States, O China reaps economic benefits and the United States loses. O both China and the United States reap economic benefits. O it is an equal tradeoff so neither country benefits nor loses. China loses and the United States reaps economic benefits.Question 56 1 pts Arm in a PC market faces a horizontal demand curve (perfectly elastic). A rm in an MPC market faces a downward slopping demand curve. faces a horizontal demand curve. faces a upward sloping demand curve. faces a vertical demand (perfectly inelastic) curve. Question 62 1 pts Due to diminishing marginal product of labor and fixed market price of goods, the value of the marginal product of labor curve is O downward-sloping O upward-sloping O U-shape O horizontal