An income tax is a tax:
A. charged on the earnings of individuals and corporations.
B. on income earned by buying investments and selling them at a higher price.
C. on the wages paid to an employee.
D. charged on the value of a good or service being purchased.
A. charged on the earnings of individuals and corporations.
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Marginal cost is equal to
A) the total cost of a firm's production. B) total cost minus fixed cost. C) a cost that is not related to the quantity produced. D) the change in total cost that results from a one-unit increase in output. E) the change in fixed cost that results from a one-unit increase in output.
According to the classical view, to prevent price level changes when real output is growing by 3 percent per year,
a. the money supply must decrease by 3 percent per year b. the money supply must increase by 3 percent per year c. the money supply must increase by more than 3 percent per year d. the money supply must remain constant e. velocity must decrease by 3 percent per year
Alex, Kara, and Susie are the only three people in a community. Alex is willing to pay $40 for the third unit of a public good; Kara is willing to pay $25. If the marginal cost of producing the third unit is $100, what is the minimum amount that Susie must be willing to pay for it to be efficient for government to produce the third unit?
What will be an ideal response?
Explain why the marginal revenue product of labor curve is the firm's short-run demand curve for labor.
What will be an ideal response?