Suppose local educators argue that teachers' salaries are too low. At the same time it is said that the school district received 750 applications for 5 new openings. Are salaries too low? Explain
What will be an ideal response?
It is difficult to claim salaries are too low when there are so many teachers who desire to work in the district. The number of applicants suggests that salaries are above the equilibrium wage rather than below the equilibrium wage.
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Which of the following statements is not correct?
a. All states have state income taxes, but the percentages vary widely. b. Sales taxes and property taxes are important revenue sources for state and local governments. c. Medicare spending has increased because the percentage of the population that is elderly and the cost of healthcare have both increased. d. A budget deficit occurs when government spending exceeds government receipts.
Which of the following statements about state income taxes is correct?
a. Some states do not tax income at all. b. If states tax income, they must follow federal guidelines for designing the tax structure. c. States are not allowed to have a higher marginal tax rate than the federal marginal tax rate. d. All of the above are correct.