The Social Security system is financed by
A. a payroll tax paid only by employers.
B. a tax on individual retirement accounts.
C. a tax on luxury goods.
D. a payroll tax paid by both employers and employees.
Answer: D
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The figure above shows the U.S. demand and U.S. supply curves for cherries. At a world price of $2 per pound, the total imports of cherries to the United States from other nations equals
A) 200,000 pounds. B) 400,000 pounds. C) 600,000 pounds. D) 800,000 pounds. E) 0 pounds.
In the above table, if the market is perfectly competitive and unregulated, at the equilibrium level of output, the marginal social benefit per unit is
A) zero. B) $20 per unit. C) $50 per unit. D) $70 per unit.
The tradeoffs faced by a society can be illustrated in a graph known as the:
a. production operations curve. b. production cost curve. c. production cost model. d. production cost forecast curve. e. production possibilities curve.
Which of the following goods is likely to have the least elastic demand over the relevant range of prices?
a. insulin b. eggs c. milk d. Pepsi Cola e. gasoline