The marginal tax rate is
A. total tax due/total taxable income.
B. change in taxes due/total taxable income.
C. change in taxes due/change in taxable income.
D. total tax due/change in taxable income.
Answer: C
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Wages in Baltonia are downwardly rigid. Which of the following will happen if a recession occurs in the country?
A) Employment will fall less than if wages were flexible. B) Unemployment will fall less than if wages were flexible. C) Employment will fall more than if wages were flexible. D) Unemployment will fall more than if wages were flexible.
The set of skills, knowledge, experience, and talent that determine the productivity of workers is called:
A. human capital. B. physical capital. C. worker per capita. D. capital per worker.
Jerome has a "C" average in his philosophy course and a "B" average in his economics course. He decides to study an extra hour for his philosophy exam. This is an example of:
A. thinking at the margin. B. using assumptions to simplify. C. ceteris paribus. D. caveat emptor.
Which of the following is most likely to be private property?
A. bees B. farm raised shrimps C. house flies D. winds