If Personal Income Up to and Including $30,000 Is Not

question 196

Multiple Choice

If personal income up to and including $30,000 is not taxed,income of $30,001 to $60,000 is taxed at 10%,and income over $60,000 is taxed at 25%,then a family earning an income of $100,000 will pay _____ in personal taxes.

• A)$6,000
• B)$10,000
• C)$13,000
• D)$25,000

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Definitions:

Inputs

Refers to the resources used in the production of goods and services, including labor, capital, and materials.

Impossible Production

A situation in economic theory where the resources available are not sufficient to produce a desired combination of goods and services.

Technological Advancement

The process of developing new technologies or improving existing ones to enhance productivity or solve problems.

Overallocation

Overallocation refers to a scenario where resources are distributed in excess of the optimum level, often leading to inefficiency or wastage.