Under the current federal income tax system, who would pay the highest marginal tax rate on their last dollar earned for the year?
a. people who earned over $500,000
b. People who earned $201,000 to $500,000
c. people who earn $157,500 to $200,000
d. people who earn less than $9,525
a. people who earned over $500,000
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The participation rate is the number of people:
A. employed and unemployed divided by the population aged 16 years and older. B. employed divided by the labor force. C. employed and unemployed divided by the labor force. D. employed divided by the population aged 16 years and older.
Suppose the economy is operating below potential output. If policy makers try to avoid a budget deficit by raising taxes or reducing government spending, these actions would
A) make a recession worse. B) increase inflation. C) negate the multiplier effect. D) help pull an economy out of a depression.
The potential output of an economy is: a. the output level at which inflation is very high
b. the output level at which nominal GDP is equal to real GDP. c. less than the full-employment rate of output. d. the output level at which total unemployment is zero. e. also referred to as the natural rate of output.
The term market structure refers to the amount of
A.) market power each firm in the industry has. B.) method used to produce the industry's products. C.) total sales of a particular industry. D.) way in which firms in the industry are legally organized.