If you were to face a marginal tax rate of 20 percent, how much would your tax bill increase when your income increased from $100,000 to $104,000?
A. $1,000
B. $10,400
C. $400
D. $800
Answer: D
Economics
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Refer to Figure 2-5. If the economy is currently producing at point W, what is the opportunity cost of moving to point Y?
A) 2 million tons of paper B) 2 million tons of steel C) 14 million tons of steel D) 9 million tons of paper
Economics
Refer to Figure 2-8. What is the opportunity cost of 100 dozen roses?
A) 0.8 dozen orchids B) 5 dozen orchids C) 40 dozen orchids D) 80 dozen orchids
Economics
In the short run, all costs are fixed
a. True b. False
Economics
Elasticity has which special meaning for economists?
a. b and c. b. A ratio of percentage changes. c. How easily prices adjust to market changes. d. How price changes as quantities demanded change. e. When consumers will no longer react to price changes.
Economics