The 2010 U.S. Federal Personal Income six tax brackets range from 10 percent for individuals earning less than $8,025 to 35 percent for those earning over $357,700 whereas the Lithuanian tax rate for all citizens' income is 24 percent
The Lithuanian income tax system is a ________ tax and the U.S. income tax system is a ________ tax. A) progressive; proportional
B) regressive; progressive
C) proportional; regressive
D) proportional; progressive
D
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At a monopolistically competitive firm's current level of product development, marginal revenue of product development is greater than its marginal cost. The firm will ________
A) sell only new products B) increase product development only if the consumer benefits C) decrease product development D) increase product development
The above figure shows a competitive firm's demand for labor assuming that the firm's output sells for $1 per unit. If the wage is $5 per hour, a ten cent specific tax on the good sold by the firm will cause the firm to
A) demand less labor. B) demand more labor. C) offer its workers only $4.90 per hour. D) hire 0 units of labor per hour.