Table 2-15 Table 2-15 Shows the Output Per Day of Day

question 438

Multiple Choice

Table 2-15
Table 2-15 shows the output per day of two gardeners, George and Jack. They can either devote their time to mowing lawns or cultivating gardens.
-Refer to Table 2-15. What is George's opportunity cost of cultivating a garden?

• A) half a garden cultivated
• B) two lawns mowed
• C) two-thirds of a garden cultivated
• D) one and a half lawns mowed

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Definitions:

Average Tax Rate

The ratio of total taxes paid to total taxable income, representing the percentage of income that goes towards taxes.

Taxable Income

The amount of an individual's or a company's income used to determine how much tax they owe to the government in a given tax year.

Income Tax

A tax levied by governments on individuals or entities' income. The rate can vary based on the level of income earned.

Regressive

Describing a tax system in which the tax rate decreases as the taxable amount increases, often placing a higher burden on lower-income individuals.