Which of the following is a progressive tax?

1. A tax on land holding
2. Value added tax
3. Income tax with a tax benefit
4. Import tariff

According to Fisher's equation of exchange and for a given constant velocity of exchange..

1. Real income (the amount of transactions) will always decrease when prices decrease.
2. The ratio of nominal income to money supply is constant.
3. An increase in production always generates inflation.
4. An increase in prices generates deflation if the money stock and production are constant.