Answer the following questions:
Questions 1. Describe the major source of income and expenditure for households
Question 10. (Tax rate) Suppose taxes are related to income as follows:
- What percentage of income is paid in taxes at each year?
- Is the tax rate progressive, proportional, or regressive?
- What is the marginal tax rate on the first $1,000 of income? The second $1,000? The third $ 1,000?
Questions 2. Identify five things which could shift a demand curve to the right or left
Questions 3. Explain why a supply curve usually slopes upward
Questions 4. Identify five things which could shift a supply curve to the right or left
Questions 12. (Equilibrium) Assume the market for corn is depicted as in the table that appears below:
- Complete the table
- What market pressure occurs when quantity demanded exceeds quantity supplied? Explain
- What market pressure occurs when quantity supplied exceeds quantity demanded? Explain
- What is the equilibrium price?
- What could change the equilibrium price?
- At each price in the first column of the table below, how much is sold?
Price PerBushel Qty. Demanded Qty. Supplied Surplus/Shortage Will Price Rise of Fall?
$1.8 320 200 ___________ __________________
2.00 300 230 ___________ __________________
2.20 270 270 ___________ _____________________
2.40 230 300 ___________ __________________
2.60 200 330 ____________ __________________
2.80 180 350 ____________ ____________________
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