A worker pays a tax for Social Security at a constant rate up until a certain level of income is reached. Beyond that income level, no more Social Security tax is paid. The Social Security tax is an example of a
A) progressive tax.
B) regressive tax.
C) proportional tax.
D) sales tax.
B
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Convergence refers to closing the gap in ________ between poorer countries and richer countries
A) real GDP B) the growth rate in real GDP C) real GDP per capita D) the growth rate in real GDP per capita
What is the relationship between market failure and government failure?
What will be an ideal response?
The publisher that paid Arthur Arthur, the popular novelist, a $2 million advance on his recent novel, which sold only 42 copies, fell victim to
a. moral hazard b. an authority relation c. the winner's curse d. the principal-agent problem e. adverse selection
Which of these is the best measure of the average standard of living in an economy?
a. The unemployment rate b. Nominal income c. Real GDP d. National debt e. Real GDP per capita