Suppose a poverty program has a basic benefit of $10,000, zero deductions, and a breakeven level of income of $25,000. The marginal tax rate is ________ percent.
A. 0.20
B. 0.08
C. 0.40
D. 2.50
Answer: C
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Torrie is thinking of starting up a small business selling hand-painted wine glasses. She is considering setting up her business as a sole proprietorship. What is one disadvantage to Torrie of setting up her business as a sole proprietorship?
A) As a sole proprietor, Torrie would not have control of the business. B) As a sole proprietor, Torrie would face unlimited liability. C) As a sole proprietor, Torrie would be taxed twice. D) As a sole proprietor, Torrie would be subject to significant rules and regulations.
Refer to Table 13-1. The Table shows
A) a demand schedule with an inelastic segment from $7.50 to $6.50 followed by an elastic segment. B) a demand schedule with an elastic segment from $7.50 to $6.50 followed by an inelastic segment. C) an elastic segment of the demand schedule. D) an inelastic segment of the demand schedule.
With regard to the Navigation Acts (1651 and later amendments), all of the following answers are true except
(a) No commodities originating from the Empire were to be shipped in any but British (including colonial) ships. (b) No commodities imported into the Empire were to be carried in any but British ships. (c) Only British subjects were allowed to be merchants in the colonies, and only British ships were to carry commodities from one English port to another. (d) There is no "except"; all of the above answers are true.
Researchers find that the income elasticity of poultry demand in Indonesia is 1.2. This implies that if income is expected to grow at 5%, then projected demand for poultry will:
a. Increase by 5% b. Increase by 6% c. Increase by 6.2% d. Increase by 4.2%