Carlson earns an income of $10,000 per month. Under the federal income tax system, the first $9,000 he earns is taxed at 10% and the remaining income is taxed at 20%. The tax owed by Carlson equals _____
a. $1,100
b. $2,000
c. $1,500
d. $3,000
a
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Studies have shown that drinking one glass of red wine per day may help prevent heart disease. Assume this is true, and a fungal disease destroys a large portion of the grape harvest of California vineyards
In the market for red wine, these two developments would A) increase demand and decrease supply resulting in a decrease in both the equilibrium quantity and the equilibrium price of red wine. B) increase demand and increase supply, resulting in an increase in the equilibrium quantity and a decrease in the equilibrium price of red wine. C) increase demand and decrease supply, resulting in an increase in both the equilibrium price and the equilibrium quantity of red wine. D) increase demand and decrease supply, resulting in an increase in the equilibrium price and an uncertain effect on the equilibrium quantity of red wine.
A real depreciation of a nation's currency gives rise to the ________ effect and the ________ effect on the current account
A) volume; value B) depletion; expansion C) surplus; deficit D) output; trade E) price; profit
What are the components of the two most frequently cited classifications of money?
The current demand for a good would decrease if
a. the price of a complementary good rose. b. the price of a substitute good rose. c. consumers suddenly believed the price of the good would be sharply higher in the future. d. consumer income increased.