Using the above table, evaluate whether this tax is proportional, regressive or progressive. Show all work in arriving at your answer
What will be an ideal response?
This is a progressive tax. The tax rate rises with income from 5% at $20,000 to 14% at $50,000 .
You might also like to view...
The increased use of automatic teller machines has decreased the demand for money
Indicate whether the statement is true or false
Which of the following is not true about a monopsonist in a unionized labor market? a. It can set the wage rate and hire any desired number of workers at that rate. b. It is the only buyer of labor in a market. c. It tries to extract returns to monopsony power. d. It determines the optimal employment-wage rate combination by equating the marginal revenue product of labor to the marginal cost
of labor. e. It must bargain in good faith with the union.
In the above figure, the budget line would rotate in the direction indicated as a result of a
A) rise in the price of a book. B) fall in the price of a book. C) rise in the price of a movie. D) decrease in income.
Consider the following situation: your math professor tells your class that the mean score on the final exam is 43 . The exam was scored on a total of 100 points. Does this imply that you, too, scored poorly on the exam?
What will be an ideal response?