Answer:
Explanation:
Base on the scenario been described in the question we can calculate the following
1. Calculation of Employee’s FICA withholding for social security tax rate is 6.20%. Attachment 1 below
2.Calculation of Employee’s FICA withh... Attachment 2 below
Answer:
Income effect
Explanation:
Own price increases are associated with decreases in quantity demanded, ceteris paribus. These decreases in quantity demanded are composed of two effects, the substitution effect and the<u> Income effect.</u>
We know as per the law of demand, price increases lead to decrease in the quantity demanded if factor remain constant.
Quantity demanded has effect of two other major factors:
- Subtitution effect.
- Income effect.
Subtitution effect: It is the price of subtitution goods & services also lead to increase and decrease of demand for any particular goods.
Example: Price of tea and coffee.
Income effect: It is the income of consumer that effect the demand of any goods & sevices, as with the increase in income of consumer, their demand for inferior goods decreases and demand for branded goods increases.
Example: Non branded clothes and branded clothes.
A person is poverty-stricken if they are considered to be very poor. A higher standard of living is not a typical pattern of behavior for a poverty-stricken person.
<h3>Who is poverty-stricken poverty?</h3>
A poverty-stricken person suffers from the effects of extreme poverty: Some beggars are impoverished and homeless.
There are few jobs for farmers who have moved to cities from poverty-stricken areas in search of work.
It is characterized by excessive indulgence, low self-regulation, exploitation of others, and limited motivation and effort.
Therefore, Option C is the correct answer that is A higher standard of living is not a typical pattern of behavior for a poverty-stricken person.
To learn more about poverty-stricken person, refer:
brainly.com/question/13671318
