Adjusted gross income is
A. any profit you have from asset sales.
B. total income from all sources.
C. income after deductions and exemptions are taken.
D. the amount of income a taxpayer has after taxes are paid.
Answer: B
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"If the marginal product of labor curve slopes downward, then the average product of labor curve necessarily must slope downward." Explain whether the previous statement is correct or incorrect?
What will be an ideal response?
Goods whose benefits to society are not diminished as more people consume them and whose benefits cannot be withheld from anyone are:
A. impossible since resources are limited. B. examples of negative externalities. C. public goods. D. food and other necessities.
The alternative combinations of two goods that a consumer can purchase with a specific money income is shown by:
A. a production possibilities curve. B. a demand curve. C. a consumer expenditure line. D. a budget line.
Refer to the scenario above. If the local government has a progressive tax system, which family pays the largest amount as tax?
A) The first household B) The second household C) The third household D) The fourth household