Maurice faces a progressive federal income tax structure that has the following marginal tax rates: 0 percent on the first $10,000 . 10 percent on the next $10,000 . 15 percent on the next $10,000 . 25 percent on the next $10,000 . and 50 percent on all additional income. In addition, he must pay 5 percent of his income in state income tax and 15.3 percent of his labor income in federal payroll taxes. Maurice earns $60,000 per year in salary and another $10,000 per year in non-labor income. What is his average tax rate?

The "NPV Criterion" is that a firm should invest in a new capital project if

A) the present value of the expected future cash flows is larger than the present value of the cost of the investment. B) the future value of the expected future cash flows is larger than the cost of the investment. C) financing can be secured on the basis of new bonds. D) financing can be secured on the basis of new stocks. E) financing is not necessary because there are enough liquid assets in the company's portfolio to afford the investment.

When a group of people voluntarily band together to share some kind of benefit, we call this

A. a gang. B. a team. C. a coalition. D. a club.