The Federal Insurance Contribution Act (FICA) tax is an example of a(n)
a. payroll tax.
b. sales tax.
c. farm subsidy.
d. income subsidy.
a
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An important factor that increased international capital flows in the latter part of the 1800s was
A) the creation of the International Monetary Fund. B) the creation of numerous regional trade agreements. C) the rapid rate of East Asian economic growth. D) technological innovations. E) the creation of the World Bank.
Outsourcing is being practiced by
A) U.S. firms that want to keep jobs at home in the United States. B) overseas firms hiring in the U.S. labor market and by U.S. firms hiring in foreign labor markets with lower wages. C) U.S. firms only. D) governments but private firms are not allowed to outsource work.
Holding the nominal deficit, nominal interest rate, and total debt constant, an increase in the inflation rate will:
A. raise the real deficit. B. either raise or lower the real deficit depending on the real interest rate. C. not affect the real deficit. D. lower the real deficit.
If total revenues decline when the market clearing price increases, then we know that
A. demand is elastic. B. demand has zero elasticity. C. demand is inelastic. D. demand is unit-elastic.