Define the marginal tax rate
The marginal tax rate is the extra tax paid on an additional dollar of income.
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If the consumption of a good or service by one person does not decrease the quantity available for another person, the good or service is
A) nonrival. B) nonexcludable. C) pure. D) free.
To maximize profit, a firm hires the quantity of labor that makes the ________ of labor equal to the ________
A) value of marginal product; wage rate B) total revenue; total cost of labor C) marginal product; total cost of labor D) marginal product; marginal revenue
Airlines charge a ____________price to business travelers compared to leisure travelers because business travelers have a ____________ demand than leisure travelers
a. Higher; more elastic b. Higher; less elastic c. Lower; more elastic d. Lower; less elastic
If the Fed wants to increase the money supply through open market operations, it will
A) purchase government securities. B) sell government securities. C) first purchase, then sell, government securities. D) lend more reserves to commercial banks.