The marginal tax rate is:
A. less than the average tax rate when a tax is progressive.
B. calculated by dividing total taxes paid by one's total taxable income.
C. the percentage of one's total income that is paid in taxes.
D. the percentage of an increment of income that is paid in taxes.
Answer: D
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Refer to Figure 4.2. The game described in the payoff matrix is an example of a(n) ________ game
A) prisoner's dilemma B) pure coordination C) assurance D) battle of the sexes
During the colonial period, the U.S. and other countries relied on "privateers.". Which of the following most accurately describes privateers?
a. Privateers were also known as pirates. b. Privateers were citizens who owned ships that attacked vessels from rival nations. c. Privateers were groups of convicts who stole from American sailing vessels. d. Privateers were a formal group part of the American Navy.
Changes in the rate charged by electric power companies are subject to government control because
A. the electric power companies are government enterprises. B. consumer ignorance makes it impossible to know what rates are fair. C. the electric power companies are firms that exhibit economies of scale. D. cutthroat competition would probably occur if the government did not intervene.
A competitive industry consists of 100 firms. The short-run marginal cost curve for each firm is given by MC = 200 + .3Q. The demand curve faced by the industry is given as P = 400 - .1Q. What is the producer and consumer surplus in the entire market?
What will be an ideal response?