A person's average tax rate equals her
a. tax obligation divided by her marginal tax rate.
b. increase in taxes if her income were to rise by $1.
c. tax obligation divided by her income.
d. increase in taxes if her marginal tax rate were to rise 1percent.
c
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A dynamic decision is one that
A) is made very quickly. B) involves only the present. C) involves only the future. D) involves planning over more than one time period.
The price of a new textbook increased from $60 to $75 in one year, while the price of a used textbook increased by 25 percent. What happened to the relative price of a used textbook?
A) It increased by 25 percent. B) It increased by 10 percent. C) It remained constant. D) It can't be determined without knowing the nominal price of the used textbook in at least one of the years.
Last month 5,000 people decided to quit their jobs in order to seek better employment opportunities. These people are
a. structurally unemployed b. frictionally unemployed c. discouraged workers d. cyclically unemployed e. underemployed workers
If its exports are greater than its imports, then a country has a:
A. government budget surplus. B. trade surplus. C. government budget deficit. D. trade deficit.