Table 133 Bryce and Tina Are Artisans Who Produce Homemade

question 107

Multiple Choice

Table 13.3 Bryce and Tina are artisans who produce homemade candles and soap.Table 13.3 lists the number of candles and bars of soap Bryce and Tina can each produce in one month.
-Refer to Table 13.3.Select the statement that accurately interprets the data in the table.

• A)Bryce has an absolute advantage in making candles and soap.
• B)Tina has an absolute advantage in making candles and soap.
• C)Neither Bryce nor Tina has an absolute advantage in making candles.
• D)Neither Bryce nor Tina has an absolute advantage in making soap.

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Definitions:

Average Tax Rate

The percentage of total income that is paid in taxes, indicating the proportion of an individual's income that is allocated towards taxes.

Taxable Income

The portion of an individual's or corporation's income that is subject to taxes by the government.

Tax Schedule

A chart or formula that outlines the rate of taxation applied to various levels of income or profits.

Marginal Tax Rate

The rate at which the last dollar of income is taxed, reflecting the percentage of tax applied to your income for each tax bracket in which you qualify.