This Year, Bob Earned a Total of $9,000

question 119

Multiple Choice

This year, Bob earned a total of $9,000. As a result, he received $9,000 less in government transfers. Therefore, his implicit marginal tax rate is

• A) zero.
• B) 25 percent.
• C) 50 percent.
• D) 100 percent.

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Definitions:

Alaska Supreme Court

The highest court in the state of Alaska, responsible for reviewing decisions made by lower state courts.

Promissory Estoppel

A legal principle that prevents a promisor from arguing that an underlying promise should not be legally upheld or enforced, due to the promisee's reliance on that promise.

Written Contract

A legally binding agreement between two or more parties, documented in a written form.

20th Century Contract Law

The body of law governing agreements between parties, including principles of formation and enforcement, developed during the 20th century.