If your income is $92,000 and you pay taxes of $19,475, what is your average tax rate? Show your work
What will be an ideal response?
Average tax rate = $19,475/$92,000 = 0.21168 or 21.168 percent.
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Trade-offs can always be considered in terms of opportunity costs.
Answer the following statement true (T) or false (F)
Wealth creating transactions are less likely to occur
a. Without private property rights b. Without contract enforcement c. Both a and b d. None of the above
In the long run, money demand and money supply determine
a. the value of money and the real interest rate. b. the value of money but not the real interest rate. c. the real interest rate but not the value of money. d. neither the value of money nor the real interest rate.
Which is not characteristic of a product with relatively inelastic demand?
A. The good is regarded by consumers as a necessity. B. Buyers spend a small percentage of their total income on the product. C. There are a large number of good substitutes for the good. D. Consumers have had only a short time period to adjust to changes in price.