Mr. Smith pays $20,000 annually as tax. If his annual income is $100,000, what is his average tax?
A) 5%
B) 12%
C) 2%
D) 20%
D
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In a small country, the adult population equals 10,000. In that country, 8,000 people are in the labor force and 200 people are unemployed. The unemployment rate equals
A) 2.5 percent. B) 2 percent. C) 4 percent. D) an undetermined amount given the lack of information.
By the late 1800s, soft coal miners earned a higher hourly wage than other industrial workers of similar skill levels. The mining wage is an example of
a. wage discrimination. b. a monopsony market. c. a compensating wage differential. d. an efficiency wage.
A firm that minimizes average cost will not survive in the long run
a. True b. False
If the price level in any country increases by 15 percent during a year, then the price index for that year will be 85 as compared to the base year
a. True b. False Indicate whether the statement is true or false