The amount a family can take in deductions is the larger of
A. their exemptions and their itemized deductions.
B. their exemptions and their capital gains.
C. their standard deduction and their itemized deductions.
D. their exemptions and the standard deduction.
Answer: C
You might also like to view...
The government expenditure multiplier reflects the magnification on ________ from a change in government expenditure on goods and services
A) tax receipts B) aggregate demand C) aggregate supply D) the budget deficit E) potential GDP
Which of the following observations is true? a. Monopolistically competitive sellers are price takers
b. Monopolistically competitive sellers treat price in the same manner as in perfect competition. c. Monopolistically competitive sellers regard price as a given by market conditions. d. Monopolistically competitive sellers are price makers.
Suppose the market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2, both measured in millions of gallons of ice cream per year. Suppose the government imposes a $0.50 tax on each gallon of ice cream. The price paid by buyers with the tax is:
A. $2.00. C. $2.50. D. $2.25.
The reason that the production possibilities frontier is usually a bow-shaped curve instead of a straight line is that
a. it makes it easier to illustrate the concepts of scarcity and prices with a bow-shaped curve than it is with a straight line b. early economists began drawing them in this way and the convention has continued throughout the years c. output eventually reaches a maximum and then declines d. resources are not perfectly adaptable to the production of all goods e. the frontier will shift outward over time