![Why might person earning $50,000 in annual income today [measured in 2011 Canadian dollars] be better off than a person earning $1,000,000 in annual income [measured in 2011 Canadian dollars] 100 years ago?](http://img.homeworklib.com/questions/60a07500-6fc7-11ea-9e3d-5b20d907721e.png?x-oss-process=image/resize,w_560)
Homework Answers
Ans. Less income earned today ie $50000 is more valuable than more income earned in past ie $1000000 because 100 years ago , there wasn't much technological advancement and goods were not that cheap and easily accessible to all. These days , we can even buy a normal car for $10000 but 100 years ago , it would have costed $50000 or more to buy that similar car , same is the case with most items. So this is why , $50000 annual income today is better than $1000000 annual income earned 100 years ago.
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10%
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15%
$35,350–$85,650
25%
$85,650–$178,650
28%
$178,650–$388,350
33%
Over $388,350
35%
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21.46%
24.27%
28.00%
10.5 points
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