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What is the APC for all levels of income to the left of the intersection of the 45 degree line and the consumption schedule?
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∙ 10y ago
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∙ 10y ago
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Is alimony considered income?
YES it is and it is entered on your 1040 income tax return line 11 Alimony received
A progressive tax means that as taxable income increases the percentage of income paid on taxes also increases?
True(Kaylop)
Amount of money earned?
Income
Distinguish between proportional tax and progressive tax?
A proportional tax takes the same percentage of income no matter your income level. A progressive tax, on the other hand, takes a larger percentage of income as your income increases. An example of a proportional tax is the Medicare tax (everyone pays 1.45% of all income), while the U.S. income tax is an example of a progressive tax (higher incomes get bumped into higher tax brackets). Many people believe sales taxes to be proportional because everyone pays the same rate, but because sales taxes only apply to spending rather than overall income they almost always turn out to be regressive.
If George earned $50,000 and was taxed $7,500, while Julia earned $80,000 and was taxed $9,000, what type of income tax structure exists in their country?
regressive income tax
The 45-degree line on a graph relating consumption and income shows?
all the points at which consumption and income are equal
Income not used for consumption is considered as what?
The income that is not used for consumption is called disposable income
What is the difference between consumption and income?
the difference between income and consumption
Income tax schedule for 2010?
Income tax schedule for 2013
Income consumption curve?
income consumption curve is the collection of points of the consumer's equilibrium resulting from varying income.....
If a good is a normal good what will happen to its consumption as income increases?
The definition of a Normal Good is: a good that will increase in consumption as income increases and decrease in consumption as income decreases.
What is Market Consumption Capacity?
Market Consumption Capacity is basically the income of the middle class. (The percentage share of the middle class in consumption/income)
Are consumption and income positively related or are they negatively related?
They are positively, or directly related. An increase in income is associated with an increase in income; a decrease in consumption accompanies a decrease in income.
The consumption function relates the consumption expenditure decisions of households?
to the level of disposible income
Meaning of autonomous consumption spending?
It is the part of consumption that does not depend on income.
What is the primary disadvantage to having to having a total consumption budget?
With a total consumption budget, there is no net income or savings.
What Income not used for consumption is?
Saving
