Refer to the information provided in Table 19.8 below to answer the question(s) that follow.Table 19.8Total IncomeTotal Taxes$20,000 $2,000 40,000 4,800 60,000 9,000 80,000 16,000Related to the Economics in Practice on page 393: Refer to Table 19.8. At an income level of $60,000, the average tax rate is
A. 1.5%.
B. 6.67%.
C. 15%.
D. 22.5%.
Answer: C
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A tariff differs from a quota in that a tariff is:
a. levied on imports, whereas a quota is imposed on exports. b. levied on exports, whereas a quota is imposed on imports. c. a tax levied on exports, whereas a quota is a limit on the number of units of a good that can be exported. d. a tax imposed on imports, whereas a quota is an absolute limit to the number of units of a good that can be imported.
Suppose that prices in the United States rise relative to prices in Japan. We expect that
A) the dollar will appreciate and the yen will depreciate. B) the dollar will depreciate and the yen will appreciate. C) both the dollar and the yen will appreciate. D) both the dollar and the yen will depreciate.
The statement that "there is no such thing as a free lunch" means:
A) there are no tradeoffs between economic goals. B) any production requires the use of scarce resources, and thus the sacrifice of another alternative. C) choices need not be made in rational behavior. D) scarcity only exists in poor societies.
A duopoly is an industry that consists of
A. a single firm. B. two firms. C. three or more firms. D. a large number of small firms.