In 2005, the median income of renters was $26,317 and the median income of homeowners was $50,505 . If imputed rent were added to household income or rent became deductible, the personal income tax would become
a. more progressive.
b. more regressive.
c. about proportional.
d. less progressive.
a
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Coal and iron ore are complements in the manufacture of steel. An increase in the price of coal would lead to
A) an increase in the demand for iron ore as producers substitute more iron ore for coal in the production process. B) a decrease in the demand for iron ore as steel manufacturers reduce production of steel. C) an increase in the supply of iron ore as iron ore producers see an opportunity to expand their markets. D) no change in the demand for iron ore since the steel makers must use both iron ore and coal if they are to make steel.
The M1 money supply
a. is composed of assets that reflect the medium of exchange function of money. b. is larger than the M2 money supply. c. includes credit card balances since they are used to purchase things. d. is composed of only currency.
Refer to the information provided in Figure 6.1 below to answer the question(s) that follow.
Figure 6.1Refer to Figure 6.1. Assume Tom's budget constraint is AC. If the price of a hamburger is $10, the price of a hot dog is
A. $4. B. $5. C. $10. D. $20.
In the strict monetarist view, a large increase in the money supply will have:
A. A large impact on the velocity of money and a large impact on nominal output B. A large impact on the velocity of money and a small impact on nominal output C. No effect on the velocity of money and a large impact on nominal output D. No effect on the velocity of money and a small impact on the nominal output