Which of the following is a difference between the average tax rate and the marginal tax rate?
a. The average tax rate is applicable under a proportional tax system, whereas the marginal tax rate is applicable under a progressive tax system.
b. The marginal tax rate is applicable under a proportional tax system, whereas the average tax rate is applicable under a progressive tax system.
c. The average tax rate is the rate at which each additional dollar earned is taxed, whereas the marginal tax rate is the total tax paid divided by the amount of taxable income.
d. The marginal tax rate is the rate at which each additional dollar earned is taxed, whereas the average tax rate is the total tax paid divided by the amount of taxable income.
d
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Japan did not lead the world in automobile production in the 1950s because _________________________.
Under what conditions would a perfectly competitive cotton farmer who is incurring an economic loss temporarily stay in business?
A) if the total revenue exceeds the total fixed cost B) if the total revenue exceeds the total variable cost C) if the total revenue is positive D) if the total revenue is increasing E) if the marginal revenue exceeds the price.
How many British pounds would it cost to buy a pair of American designer jeans costing $45 if the exchange rate is 2.00 dollars per British pound?
A) 22.5 British pounds B) 32.5 British pounds C) 12.5 British pounds D) 40 British pounds E) 30 British pounds
If one nation can produce greater quantities of a good than another nation, it has a(n) a. comparative advantage in producing that good
b. absolute advantage in producing that good. c. absolute advantage, but a comparative disadvantage in producing that good. d. comparative advantage, but an absolute disadvantage in producing that good.