The worst recession since World War II started in which year?

Unlike a money supply target, an inflation rate target

a. will always stabilize income better. b. will stabilize income better if velocity is unstable. c. still allows the Fed unlimited discretion. d. eliminates the need for a central bank.

Suppose the government imposes a tax of 10 percent on the first $40,000 of income and 20 percent on all income above $40,000 . What are the tax liability and the marginal tax rate for a person whose income is $30,000?

a. both are 10 percent b. 10 percent and $2,000 . respectively c. $3,000 and 10 percent, respectively d. $3,000 and 20 percent, respectively