Refer to the above table. If income increases from $15,000 to $30,000, the marginal tax rate is:
a. 10.0 percent
b. 13.3 percent
c. 18.3 percent
d. 26.6
Answer: b. 13.3 percent
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The money multiplier is computed as follows:
A) (c + 1)/(c + rr + e). B) (c + 1)/(c + rr). C) 1/rr. D) (c + 1)/(c + e).
Other things equal, an increase in aggregate demand will result in:
a. an economic expansion. b. higher unemployment and a lower equilibrium price level. c. an economic recession. d. a decrease in equilibrium real GDP and an increase in the equilibrium price level. e. a decrease in the overall economic welfare.
Money as defined by M1 includes
a. coins. b. paper money. c. checking deposits. d. travelers' checks. e. All of the above are correct.
Refer to the above table. If the price is $3, the perfectly competitive firm should produce
A. 104 units. B. 105 units. C. 103 units. D. 102 units.