If your income is $40,000 and you pay taxes of $4,650, what is your average tax rate? Show your work
What will be an ideal response?
Average tax rate = $4,650/$40,000 = 0.11625 or 11.625 percent.
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When we say that a firm is a price taker, we are indicating that the
a. firm takes the price established in the market then tries to increase that price through advertising. b. firm can change output levels without having any significant effect on price. c. demand curve faced by the firm is perfectly inelastic. d. firm will have to take a lower price if it wants to increase the number of units that it sells.
Unexpected events that increase aggregate supply, sometimes only temporarily, are _____ shocks.
Fill in the blank(s) with the appropriate word(s).
This graph shows three different budget constraints: A, B, and C. If Ted's budget constraint is shown by line A in the graph shown, and Ted's income for these two items is $36, what are the prices of the two goods?
A. Soda costs $12 per case and milk costs $9 a gallon. B. Soda costs $3 per case, and milk costs $4 a gallon. C. Soda costs $4 per case, and milk costs $3 a gallon. D. Soda costs $6 per case and milk costs $3 a gallon.
The implication of the Solow model is that for sustained growth:
A) the ratio of savings rate to depreciation rate should be constant as the economy grows over time. B) the ratio of savings rate to depreciation rate should increase as the economy grows over time. C) the ratio of capital stock to GDP should decreases the economy grows over time. D) the ratio of capital stock to GDP should be constant as the economy grows over time.