In 2014, what percent of the population lived under the official poverty line in the United States?
A. 11.3 percent, down from a near all-time high of 25 percent in 2000.
B. 14.8 percent, higher than a near all-time low of 3.11 percent in 2000.
C. 11.3 percent, down from a near all-time high of 14.8 percent in 2000.
D. 14.8 percent, higher than a near all-time low of 11.3 percent in 2000.
Answer: D
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Suppose that a negative income tax was created that set a minimum income for a family of $5,000 per year and had a marginal tax rate of 33 percent. What is the break-even level of income? If a person earned $5,000 . what would the after-tax income level be? If the earnings were $10,000 . what would the after-tax income be?
Say’s law and Keynes’ law can both be illustrated in the ______________ model.
a. input/output b. circular flow c. AD/AS d. neoclassical