ARE 201 Midterm: ARE 201 NCSU Exam1s01
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Equations you may need for this exam: purchasing power during 1998 of y dollars, in year x. = (y dollars, in year x) x purchasing power converter in year x: level of income needed in state x to obtain the same level of purchasing power as in state y. = (income in state y) x (cost of living index for state x / cost of living index for state y: taxable income = gross income - the larger of the standard deduction or itemized deduction. The value of personal exemptions: disposable income = gross income - taxes paid, discretionary income = disposable income - family living expenditures. What explain means on one of my exams: Webster"s collegiate dictionary defines explain as: to make plain or understandable, to give the reason of or cause of, to show the logical development or relationships of. Webster"s continues by enhancing the definition with the following statement:
