Rob's income rises from $50,000 to $60,000 and his income tax increases from $6,000 to $7,500.His marginal tax rate is 12.5%
a. True
b. False
Indicate whether the statement is true or false
False
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Define money and list its functions
What will be an ideal response?
In the Keynesian model, and increase in government spending financed with an increase in taxes will
a. move an economy left along its Phillips curve. b. shift the Phillips curve to the up. c. move an economy right along its Phillips curve. d. shift the Phillips curve down. e. not affect the Phillips curve.
A government grant that gives an inventor the exclusive right or privilege to make, use, or sell his or her invention is known as
A. a positive externality. B. a patent. C. a protectionism clause. D. a negative externality.
A perfectly elastic demand curve exhibits
A) zero responsiveness to changes in price. B) that quantity demanded will decrease to zero when there is a slight increase in the price level. C) a change in quantity demanded that is proportional to the change in price. D) a change in quantity demanded that is always twenty percent of the change in price.