Pat calculates that for every extra dollar she earns, she owes the government 40 cents. Her total income now is $44,000 . on which she pays taxes of $11,000 . Determine her average tax rate and her marginal tax rate
a. Her average tax rate is 40 percent and her marginal tax rate is 25 percent.
b. Her average tax rate is 40 percent and her marginal tax rate is 40 percent.
c. Her average tax rate is 25 percent and her marginal tax rate is 25 percent.
d. Her average tax rate is 25 percent and her marginal tax rate is 40 percent.
d
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Suppose Alyssa likes oranges twice as much as apples, no matter how many apples or oranges she has. Her indifference curves for oranges and apples a. are right angles
b. are straight lines. c. slope upward. d. cross one another at certain points.
Empirical support for the Heckscher-Ohlin model was weakest when the study applied
A) all of the assumptions of the model. B) all of the assumptions of the model except that regarding technology. C) all of the assumptions of the model except those regarding technology, goods and shipping costs. D) all of the assumptions of the model except those regarding technology, shipping costs and gravity. E) all of the assumptions of the model except those regarding shipping costs.
Aggregate demand is the total demand for a(n) ______.
a. individual consumer b. market sector c. entire economy d. federal government
An import quota:
A. limits the amount of a good that can be imported, thus decreasing prices. B. limits the amount of a good that can be imported, thus increasing prices. C. increases the amount of a good imported, thus decreasing prices. D. increases the amount of a good imported, thus increasing prices.