The Keynesian aggregate expenditures model assumes that price level is constant

The end of slavery in the United States represented

A) a large wealth transfer from the South to the North. B) a large wealth transfer from the future to the present. C) a large wealth transfer from Southern slave-holders to newly freed slaves. D) a nominal wealth transfer from Southern slave-holders to newly freed slaves.

If a household has $40,000 in taxable income and its tax liability is $4,000, the household's average tax rate is

a. 10 percent. b. 25 percent. c. 40 percent. d. 50 percent