If the exchange rate between the Chinese yuan and the U.S. dollar is 5 yuan for $1, then how much is each yuan worth in U.S. dollars?

If macaroni and cheese is an inferior good, then a decrease in income results in

A) an increase in the demand for macaroni and cheese. B) a decrease in the demand for macaroni and cheese. C) an increase in the supply of macaroni and cheese. D) a decrease in the supply of macaroni and cheese. E) Both answers A and D are correct.

Refer to Table 20.1. George is a single taxpayer with an income of $65,000. If George had received a raise of $3,500 at the beginning of the year, his marginal tax rate would be

A) 22.99%. B) 23.75%. C) 38%. D) 95%.