The U.S. Social Security tax is an example of a
A) progressive tax.
B) proportional tax.
C) premium tax.
D) regressive tax.
Answer: D
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The elasticity of demand is used to
A) determine if consumers will or will not buy a product. B) measure how responsive consumers are to a change in price. C) determine in what direction the demand curve shifts if income changes. D) find the market equilibrium. E) determine if a change in price results in a shortage or a surplus.
Misty spends her entire weekly allowance of $15 on two goods: T-shirts (which cost $10 each) and lipstick (which costs $5)
What is the opportunity cost of a T-shirt? If her parents raise her allowance to $20 per week, what happens to the opportunity cost of a T-shirt?
One of the things that employers can do to lessen the moral hazard problem involving their employees is to pay them in advance for their work
a. True b. False Indicate whether the statement is true or false
If the cost efficiency of labor equals 2, then
A. The product price is 200 percent of the wage rate. B. Each extra dollar spent on wages returns 2 units of additional output. C. The wage rate is 100 percent more than the product price. D. Labor costs 100 percent more than the revenue it generates.