The Social Security program is financed directly from
A) voluntary contributions by the elderly.
B) sales taxes on goods with inelastic demand.
C) payroll taxes.
D) poll taxes.
Answer: C
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The longest expansion since records have been kept began in
A. March 1991. B. November 1982. C. July 1980. D. March 1975.
Which of the following goods would most probably be an inferior good?
A. French wines B. Generic beer C. Theater tickets D. Steak
Assume that the commercial banking system has checkable deposits of $10 billion and excess reserves of $1 billion at a time when the reserve requirement is 20 percent. If the reserve requirement is now raised to 30 percent, the banking system then has:
A. excess reserves of $2 billion. B. neither an excess nor a deficiency of reserves. C. a deficiency of reserves of $.5 billion. D. excess reserves of only $.5 billion.
Assume the figure applies to a pure monopolist and that MC is the same for both graphs. If this firm is able to price discriminate between children and adults, it should charge prices of:
A. P 1 to children and P 2 to adults.
B. P 1 to adults and P 2 to children.
C. P 1 to both children and adults.
D. P 2 to both children and adults.