If your taxable income rises from $27,000 to $47,000, and the taxes you pay rise from $15,000 to $20,000, your marginal tax rate is
A. 15 percent.
B. 25 percent.
C. 35 percent.
D. 45 percent.
A. 15 percent.
B. 25 percent.
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Refer to Scenario 25-2. As a result of Kristy's deposit, Bank A's required reserves increase by
A) $2,000. B) $8,000. C) $10,000. D) $50,000.
The income elasticity of demand is the
A) absolute change in quantity demanded resulting from a one unit increase in income. B) percent change in quantity demanded resulting from the absolute increase in income. C) percent change in quantity demanded resulting from a one percent increase in income. D) percent change in income resulting from a one percent increase in quantity demanded. E) percent change in income resulting from a one percent increase in price.
Not having to pay for a good leads to:
A. underconsumption. B. oversupply. C. overconsumption. D. irrational consumption.
Three workers run a house painting business and always work the same number of hours together. The paint they use requires applying two coats. Each worker paints 200 square feet per hour using a roller or 80 square feet per hour using a brush. If a technological advance provides a paint that only requires one coat, their average labor productivity per hour as a team:
A. increases. B. remains the same. C. may either increase or decrease. D. decreases.