Which of the following types of income are subject to FICA taxes?
A. Interest income
B. Inheritance
C. Wages and salaries
D. Capital gains
Answer: C
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When the labor market is in equilibrium,
A) there is full employment, which means that real GDP equals potential GDP. B) there is full employment but real GDP might be greater than, less than, or equal to potential GDP. C) the real wage rate rises to allow real GDP to equal potential GDP. D) there is excess labor supplied, which keeps real GDP less than potential GDP. E) the real wage rate falls to equal the nominal wage rate because real GDP is greater than potential GDP.
________ in the domestic interest rate causes the demand for domestic assets to ________ and the domestic currency to appreciate, everything else held constant
A) An increase; increase B) An increase; decrease C) A decrease; increase D) A decrease; decrease
Which of the following is least accurate about the meat packing industry about 1900?
a. The 1898 "embalmed beef" scandal documented how adulterated beef was provided to the American Army during the Spanish-American War. b. Upton Sinclair's 1906 novel The Jungle raised national concern about the unsanitary conditions involved in meat processing. c. Meat packing firms welcomed government regulation of the industry because it gave firms clear and accurate public information about the shipments of every other firm, which helped firms to engage in cartel behavior. d. Federal regulations helped level the playing field so that small firms could compete more easily against large firms.
A falling average cost implies that
a. marginal cost is above average cost b. marginal cost is below average cost c. marginal cost is equal to average cost d. none of the above