Section 9 (TR class)--D'oh... Forgot one thing

If you are in Econ 122-009 (TTh) this pertains to you and your studies for the final exam.

You are responsible for the material on US Income Taxes.

• You should be able to do a problem like the homework problems on the subject.
• You should be able to differentiate between a "marginal tax rate" and an "average tax rate".

You should be able to define:

• progressive tax: average tax rate rises with income (Like the US income tax)
• regressive tax: average tax rate falls with income (Like the Social Security or "payroll" tax)
• flat tax: average tax rate is constant for all incomes
• head tax: each person pays the same dollar value

Such problems are likely to be in a couple of multiple choice problems. I do NOT have any sample multiple choice problems prepared for that. But please review your notes and Homework #11.