GDP and GNP may differ
A) because some income generated by domestic production may be received as income by foreign residents.
B) because some intermediate good inputs are imported.
C) because some workers are illegal aliens.
D) whenever tariff rates become excessively high.
A
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Consider an individual who earns $95,000, has two children, pays $6,000 in child care expenses for one child, pays $19,000 in college tuition for the other child, pays $6,500 in mortgage interest (mortgage interest is tax deductible), and pays $9,600 in medical expenses. Medical expenses in excess of 7.5 percent of one's income are deductible. Personal exemptions are $3,050 per person (including the tax filer). When the individual's income is $30,000 or above, he/she gets a 12% child care credit. A college credit of 9% of tuition costs is given to those that have income less than $90,000. Her statutory marginal tax rate is 15 percent. What is her actual or effective marginal tax rate?
What will be an ideal response?
The price of a bushel of corn next year is a ________ variable because the price ________ known with certainty.
A) known; is not B) random; is C) random; is not D) known; is
A decrease in quantity demanded is given by a(n)
a. downward shift of the demand curve b. upward shift of the demand curve c. downward movement to the right along the demand curve d. upward movement to the left along the demand curve e. downward shift of both demand and supply curves
Assume there are nine voters in a certain small town and let x = the preferred number of dollars spent per person per month on garbage collection. For Voters 1, 2, and 3, x = $10; for Voter 4, x = $15; for Voter 5, x = $18; and for Voters 6, 7, 8 and 9, x = $20 . Based on these preferences, which of these dollar amounts will win over any one of the others?
a. $10. b. $15. c. $18 d. $20.