If a household has $40,000 in taxable income and its tax liability is $20,000, the household's average tax rate is

a. 10 percent.
b. 25 percent.
c. 40 percent.
d. 50 percent


D

Economics

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Using the figure above, suppose education is provided by public colleges. At what level should tuition be set to ensure the efficient number of students?

A) $10,000 B) $5,000 C) $20,000 D) $25,000 E) $15,000

Economics

A stand of redwood trees is not an example of a factor of production but the harvested and processed redwood is a factor of production

Indicate whether the statement is true or false

Economics

Refer to the graph shown. The output range in region a is associated with:

A. constant returns to scale. B. diseconomies of scale. C. economies of scale. D. increasing marginal productivity.

Economics

The slope of the production function while holding capital fixed is

A. the labor-capital ratio. B. the average product of labor. C. the marginal product of capital. D. the capital-labor ratio. E. the marginal product of labor.

Economics