This year, Abigail earned $15,000 and she paid 15 percent in income and payroll taxes. She qualified for Medicaid and food stamps. For every $100 that she earns, Abigail loses $35 in Medicaid benefits and $15 in food stamps. Abigail faces an effective marginal tax rate of
a. 15 percent.
b. 35 percent.
c. 50 percent.
d. 65 percent.
D
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The value of the marginal product of labor is given by the product of the marginal product of labor and the market wage rate
Indicate whether the statement is true or false
The monopoly producer
A. sets MU equal to P. B. sets MR = MC. C. has MC > MU. D. sets MR = P.
You are the manager of a firm that sells its product in a competitive market at a price of $60. Your firm's cost function is C = 33 + 3Q2. The profit-maximizing output for your firm is:
A. 10. B. 6. C. 5. D. 3.
If you see a movie at a theater, the movie is:
A. an excludable good/service but nonrival in consumption. B. an excludable good/service and rival in consumption. C. a non-excludable good/service but rival in consumption. D. a non-excludable good/service and nonrival.