Suppose John earns $10,000 and James earns $200,000. Which of the following statements is false concerning their Social Security taxes?
A. Both will pay a Social Security tax.
B. John will pay Social Security tax on all of his income.
C. James will pay Social Security tax on the majority of her income.
D. James will pay Social Security tax at a higher average rate than will John.
D. James will pay Social Security tax at a higher average rate than will John.
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In the dominant firm model, the smaller fringe firms behave like:
A) competitive firms. B) Cournot firms. C) Stackelberg firms. D) Bertrand firms. E) monopolists.
Of the 10% of the U.S. work force with advanced (Master's, other professional, and Ph.D.) degrees, the share of those who are foreign born is:
a. more than 50%. b. between 16 and 40%. c. less than 15%. d. less than 5%.
Which of the following examples will most likely have consistent sales over time?
a. skillets b. automobiles c. sofas d. chicken
Which of the following is not implied to occur when economic efficiency is attained?
A. The gap between marginal benefits and marginal costs of product is at a maximum. B. The per-unit cost of output produced is at a minimum. C. Total consumer and producer surplus is at a maximum. D. Allocative efficiency is achieved.