Refer to Scenario 19.1 below to answer the question(s) that follow. SCENARIO 19.1: An individual earning $60,000 pays $12,000 in taxes. The marginal tax rate on any income earned above $60,000 is 25%. Refer to Scenario 19.1. When this person earns $70,000, her tax payment would be
A. $2,500.
B. $14,500.
C. $17,500.
D. indeterminate from this information.
Answer: B
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Which of the following are characteristic of a developing country?
A) extensive embrace of free trade policies B) low inflation C) high national savings D) a current account deficit and low national savings E) strong credit institutions
Economic profits differ from accounting profits because ________
A) the former is calculated by economists and the latter by accountants B) many firms own their own capital so accounting profits do not factor this cost C) most firms report economic profits once a year and accounting profits every pay period D) all of the above E) none of the above
If the U.S. government determines that the cost of feeding an urban family of four is $7,500 per year, then the official poverty line for a family of that type is
a. $7,500. b. $15,000. c. $22,500. d. $30,000.
Which of the following is responsible for providing currency and cash to banks?
A. The Legislative Branch of government. B. Comptroller of the Currency. C. The Federal Reserve System. D. The U.S. Treasury.