Consider two people, Sandy Roos, who earns $25,000 . and Gary Behrman, who earns $50,000 . If the government has decided to tax everyone's first $25,000 at 20 percent and everyone's second $25,000 at 40 percent, then
a. Gary and Sandy both pay taxes of the same percentage of total income
b. Gary and Sandy pay the same amount of taxes
c. Gary pays twice the tax amount Sandy pays
d. Gary pays three times the tax amount Sandy pays
e. Sandy does not pay taxes
D
Economics
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National income is equal to
A) GDP minus depreciation. B) GNP plus depreciation. C) disposable personal income plus depreciation plus personal taxes. D) personal income minus personal taxes.
Economics
If Fred's marginal utility of pizza equals 10 and his marginal utility of salad equals 2, then we know that
A) his indifference curves are convex. B) his indifference curves are L-shaped. C) his indifference curves are linear. D) his indifference curves are downward sloping.
Economics