Which of the following is an asset for both a bank and a central bank?
A) currency
B) deposits
C) bonds
D) all of the above
E) none of the above
C
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Last year, Anthony Millanti earned exactly $30,000 of taxable income. Assume that the income tax system used to determine Anthony's tax liability is progressive
The table below lists the tax brackets and the marginal tax rates that apply to each bracket. a. Draw a new table that lists the amounts of income tax that Anthony is obligated to pay for each tax bracket, and the total tax he owes the government. (Assume that there are no allowable tax deductions, tax credits, personal exemptions, or any other deductions that Anthony can use to reduce his tax liability). b. Determine Anthony's average tax rate. Tax Bracket Marginal Tax Rate $0-5,000 0.05 (5%) 5,001-10,000 0.10 (10%) 10,001-15,000 0.15 (15%) 15,001-20,000 0.20 (20%) 20,001-25,000 0.25 (25%) 25,001-30,000 0.30 (30%)
The initial price of a cup of coffee is $1, and at that price, 400 cups are demanded. If the price falls to $0.90, the quantity demanded will increase to 500
a. Calculate the (arc) price elasticity of demand for coffee. b. Based on your answer, is the demand for coffee elastic or inelastic? c. Based on your answer to a., if the price of coffee is increased by 10%, what will happen to the revenues from coffee? Carefully explain how you know.
Refer to Scenario 5.3. Where is the highest expected revenue, based on the 10 years' past performance?
A) Whizbo B) Yowzo C) Zowiebo D) Whizbo and Yowzo E) Yowzo and Zowiebo
Marcus says that he would smoke one pack of cigarettes each day regardless of the price. If he is telling the truth, Marcus's
a. demand for cigarettes is perfectly inelastic. b. price elasticity of demand for cigarettes is infinite. c. income elasticity of demand for cigarettes is 0. d. More than one of the above is correct.