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MARGINAL TAX RATE: A tax rate that is the percentage of an incremental change in the tax base paid in taxes. Comparable to any marginal, this is the change in total taxes collected or paid divided by the change in the total value of the tax base. For example, if a person has a $10,000 increase in earnings from $40,000 to $50,000 and income taxes increase by $2,000 from $3,000 to $5,000 in taxes, then the marginal income tax rate is 20 percent. The contrasting term is average tax rate.
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CLASSICAL AGGREGATE SUPPLY CURVE An aggregate supply curve--a graphical representation of the relation between real production and the price level--that reflects the basic principles of classical economics. The classical aggregate supply curve is vertical at the full-employment level of real production indicating that the quantity of aggregate production is independent of the price level. An alternative is the Keynesian aggregate supply curve.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads seeking to buy either a rechargeable battery for your cell phone or a T-shirt commemorating the 2000 Olympics. Be on the lookout for letters from the Internal Revenue Service.
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John Maynard Keynes was born the same year Karl Marx died.
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"Be willing to have it so. Acceptance of what has happened is the first step to overcoming the consequences of any misfortune." -- William James, Psychologist
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TSE
Toronto Stock Exchange
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