Figure: U.S. Marginal and Average Tax Rates Using the tax…

Figure: U.S. Marginal and Average Tax Rates Using the tax rates shown in the figure, assume that your annual income is $15,000, that you have a deduction of $1,800 for moving expenses, and that you claim four exemptions of $3,300 each: one for yourself and one for each of your three children. How much are you expected to pay in taxes?

Suppose South Africa can produce 6 phones or 3 computers wit…

Suppose South Africa can produce 6 phones or 3 computers with 1 unit of labor, and Australia can produce 7 phones or 2 computers with 1 unit of labor. If South Africa can trade only with Australia, then the theory of comparative advantage suggests that South Africa should: