If a household has a husband, wife, and two kids, has a standard deduction of $12,600, has itemized deductions of $6,650, and personal exemptions of $16,000 (4*$4,000), then the first ________ of income is federal income tax free.
A. $20,650
B. $28,600
C. $13,250
D. $34,250
Answer: B
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A monopolistically competitive firm produces a good or service that has no close substitutes
Indicate whether the statement is true or false
If you deposit a $50 check in the bank, the immediate impact on your bank's balance sheet will be a
A) $50 increase in reserves and a $50 increase in checkable deposits. B) $50 decrease in reserves and a $50 increase in checkable deposits. C) $50 increase in reserves and a $50 decrease in checkable deposits. D) $50 decrease in liabilities and a $50 increase in checkable deposits.
Using the standard 45-degree line diagram, how does an increase in investment spending effect the expenditure schedule?
a. It shifts the expenditure schedule downward. b. It shifts the expenditure schedule upward. c. It increases the slope of the expenditure schedule. d. It decreases the slope of the expenditure schedule.
Which of the following shifts aggregate demand to the left?
a. an increase in the price level b. an increase in the money supply c. a decrease in the price level d. a decrease in the money supply