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When asked to push a wagon while standing on a towel attached to its rear axle, 21-month-old Maximus figures out that if he removes himself from the towel, the wagon will move. Maximus is displaying
Expenditure Item
A specific category of spending, often detailed in budgets or financial reports, representing the purchase of goods or services.
Marginal Tax Rate
The rate of tax applied to the next dollar of income, indicating how much tax an individual will pay on an additional dollar of earnings.
Income Tax Schedule
A set of brackets that determine the tax rate applied to an individual's or corporation's income.
Average Tax Rate
The percentage of total income that is paid in taxes, calculated by dividing the total amount of taxes paid by the total income.
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