ECON 214 Module 5 Problem Set 4 Answers (ECON214)

1) Explain the difference between a budget deficit and the national debt. 1) Use the Marginal Income Tax Rates in Figure 15.6 (see p. 463) to compute the following: a. ■ The tax due on $100,000 is: ■ The tax due on $200,000 is: ■ The tax due on $500,000 is: b.Average tax rates are calculated by dividing the total tax bill by the total taxable income. ■ The average tax rate on $100,000 is ■ The average tax rate on $200,000 ■ The average tax rate on $500,000 2) Greece, Ireland, Port...