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(Table: Johnson's Income and Expenditures) Look again at the table Johnson's Income and Expenditures.Johnson's income elasticity of demand for movies is:
Personal Income Taxes
Taxes imposed on individuals or households based on the income they earn over a certain period, often progressive in nature.
Federal Government Expenditure
The total amount of money spent by the federal government on various programs, services, and obligations.
Social Security Payments
Government transfers to eligible retirees, disabled workers, and survivors to provide them with income support.
Property Taxes
Taxes levied by local governments on real estate based on the property's value, and sometimes on personal property.
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