If a household has a single woman and three kids, has a standard deduction of $6,300, has itemized deductions of $5,650, and personal exemptions of $12,000 (3*$4,000), then the first ________ of income is federal income tax free.
A. $28,950
B. $17,650
C. $11,950
D. $18,300
Answer: D
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A. decrease; downward B. increase; upward C. decrease; upward D. increase; downward
Which price in Figure 4-21 is equilibrium?
A. P1 B. P2 C. P3 D. There is no equilibrium price in the diagram.
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