If you discovered that a country had an income tax system whereby the marginal and average tax rates were the same for all income levels what might you conclude is true about the structure of this income tax system
How is it possible in other words for the marginal and average tax rate to be the same?
The marginal and average tax rate could be the same if there were only one tax bracket and all income were subject to taxation.
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If two countries specialize,
a. the other countries trading with them cannot specialize b. everyone in both countries gains c. the total of goods produced increases d. the other countries trading with them must specialize as well e. all goods will be produced in both states
According to the concept of the time-value of money:
A. money is more valuable to a person the sooner it is received. B. money is more valuable to a person the later it is received. C. people are indifferent between receiving a given sum of money now versus receiving it later. D. there is no opportunity cost of receiving a sum of money later rather than sooner.