Econ 2113 brcc - Study guides, Class notes & Summaries

A change in a country's standard of living is measured by the change in - real GDP per capita (person) A tax policy where tax rates decrease when income increases is called - regressive taxation A tax policy where tax rates increase when income increases is called - progressive taxation. A tax policy where tax rates stay the same when income increases is called - flat taxation According to the Laffer Curve, - decreasing tax rates may or may not cause tax revenue to decrease. All of the f...