If the entire Social Security payroll tax were paid by the employers _____
a. the workers would be better off
b. labor costs would increase
c. the price of all non-labor goods would rise
d. the employees after-tax wage would be unaffected
d
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In the following table, Ireland's opportunity cost of producing one unit of wheat is
Potatoes and Wheat Output (tons per hour)
| COUNTRY | POTATOES | WHEAT |
| United States | 4 | 2 |
| Ireland | 3 | 1 |
If the supply of labor to a monopsonist is everywhere unit elastic, then the wage will equal
A) the marginal expenditure. B) one-half of the marginal expenditure. C) the marginal revenue product of labor. D) one.
Suppose that a firm has to pay a 10% tax on its total revenue. This has the effect of
a. flattening marginal cost. b. increasing marginal revenue. c. decreasing marginal cost. d. decreasing marginal revenue.
A floating exchange rate is where the rate is
a. determined by the domestic market for money. b. set by the government as a hard peg c. set by the government as a soft peg. d. determined in the foreign exchange market.