When Is Mark More Likely to Do His Own Plumbing

question 48

Multiple Choice

When is Mark more likely to do his own plumbing work (do-it-yourself) than hire a plumber to repair a leaky drainpipe?  

• A) when the tax rate on Mark's earned income dramatically decreases 
• B) if the opportunity cost of Mark's time decreases 
• C) if Mark does not possess enough knowledge and experience in plumbing repair work 
• D) if Mark already owns the specialized tools required to complete the repair work

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Definitions:

Government

An organized system that establishes rules and regulations, governs, and provides services to its constituents.

Taxes

Essential fees levied by authorities on personal and corporate income, or added onto the costs of selected merchandise, services, and operations.

Tax Revenue

Income earned by the government from taxing individuals and businesses.

Tax

An obligatory fiscal charge or another form of assessment applied to a taxpayer by a government body to finance government operations and diverse public expenses.