When income is $15,000, the amount of income taxes owed is $1,500; when income increases to $20,000, the amount owed increases to $3,000. The average income tax rate when a person earns $15,000 is
A) 75 percent.
B) 10 percent.
C) 13.3 percent.
D) 20 percent.
Answer: B
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Which of the following statements is true?
A) The demographic transition of the 19th century led to a decrease in life expectancy across the Western world. B) Until the demographic transition in the 19th century, they were recurrent Malthusian cycles. C) The demographic transition of the 19th century led to an increase in fertility across the Western world. D) After the demographic transition in the 19th century, they were recurrent Malthusian cycles.
The relationship between government spending and the price level explains the:
A. upward-sloping aggregate demand curve. B. downward-sloping aggregate demand curve. C. perfect elasticity of the aggregate demand curve. D. None of these is true.
Union membership peaked in the
A. mid-1930s. B. late-1950s. C. late-1970s. D. early 1980s.
Which of the following statements concerning the relationships between total product (TP), average product (AP), and marginal product (MP) is not correct?
A. TP reaches a maximum when the MP of the variable input becomes zero. B. AP continues to rise so long as TP is rising. C. AP reaches a maximum before TP reaches a maximum. D. MP cuts AP at the maximum AP.