The creation of the Social Security program caused a decrease in the labor force participation rate.
Answer the following statement true (T) or false (F)
True
Social Security decreases the labor force because some younger workers opt to reduce their labor efforts due to higher payroll taxes, while retirees opt not to work part-time since their benefits would be reduced.
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Refer to the figure above. If a per-unit tax of $3 is imposed on the sale of Good X, what is the tax revenue received by the government?
A) $20 million B) $10 million C) $12 million D) $60 million
To maintain a price above the equilibrium price,
a. demand must increase. b. supply must increase. c. price must be regulated. d. demand must decrease.
What form of production predominates in less developed countries?
A. Service B. Government C. Wholesale D. Agriculture
John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the table below:Hours PerDay CleaningWindowsTotal Numberof WindowsCleaned0017211314416517Should John spend a third hour cleaning windows?
A. Yes, because the additional amount he would earn is $6, which is better than earning nothing. B. No, because the additional amount he would earn is $6, which is less than his opportunity cost of $7. C. Yes, because he would earn $28. D. Yes, because the additional amount he would earn is $14, which is greater than his opportunity cost of $7.