Pat Calculates That for Every Extra Dollar She Earns, She

question 342

Multiple Choice

Pat calculates that for every extra dollar she earns, she owes the government 40 cents. Her total income now is $44,000, on which she pays taxes of $11,000. Determine her average tax rate and her marginal tax rate.

• A)Her average tax rate is 40 percent and her marginal tax rate is 25 percent.
• B)Her average tax rate is 40 percent and her marginal tax rate is 40 percent.
• C)Her average tax rate is 25 percent and her marginal tax rate is 25 percent.
• D)Her average tax rate is 25 percent and her marginal tax rate is 40 percent.

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Definitions:

New Technologies

Innovations or advancements in technology that can lead to improved processes, products, or capabilities, often contributing to economic growth and efficiency.

Positive Externality

A positive outcome experienced by a person who did not intentionally seek out that advantage, frequently tied to public goods or services.

New Technologies

Innovations and advancements in technology that create new products, processes, or methods, often leading to enhanced efficiency or productivity.

Socially-Optimal Quantity

The level of production or consumption of a good that leads to the maximum welfare for society, considering both benefits and costs.