3. For each of the following questions, evaluate whether the statement is "true" or "false". Then, provide a brief explanation to justify your answer. (40 possible points) a. An example of regressive taxing is if John's income increases one year from $20,000 to $30,000, then his income tax due increases from $1,000 to $3,000. b. If the required reserve rate is 5%, bank runs will be more likely than if the required reserve rate is 20%. c. If the required reserve rate is increased from 10% to 20%, the amount of money in society will double. d. If the value of M1 increases and nothing else changes, the value of M2 will also increase.