If the wage rate increases,
a. MPP will increase
b. MLC will increase
c. MRP will increase
d. MPP will decrease
e. TR will increase
B
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If a household has a husband, wife, and two kids, has a standard deduction of $12,600, has itemized deductions of $13,850, and personal exemptions of $16,000 (4*$4,000), then the first ________ of income is federal income tax free.
A. $29,850 B. $41,450 C. $37,100 D. $28,600
The narrowly-defined money supply in the U.S., called M1, does not include which of the following?
A) Coins in circulation B) Currency in circulation C) Currency in the vaults of commercial banks D) Demand deposit liabilities of commercial banks
For most goods and services the income elasticity of demand is
A) negative. B) positive. C) invisible. D) inverse.
Those who are interested in assessing the relative standard of living of different countries over a given time period are most likely to look at
A. Percentage change in GDP. B. GDP. C. Population. D. Per capita GDP.