For all employee earnings subject to Social Security taxes, what is the current Social Security tax rate for employees?
A) 0.8%
B) 2.9%
C) 4.2%
D) 6.2%
D
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The GDP deflator measures
A) the quality of the goods and services in GDP. B) the quantity level. C) nominal GDP. D) real GDP. E) the price level.
Suppose a 20 percent increase in the price of gasoline results in a 25 percent increase in the quantity supplied. This response means that gasoline has
A) an elastic supply. B) an inelastic supply. C) a unit elastic supply. D) an inelastic demand. E) an elastic demand.
The efficient quantity of a public good is provided when the economy's
A) total benefit from the good equals its total cost. B) total benefit from the good is less than its total cost. C) marginal social benefit from the good equals its marginal social cost. D) marginal social benefit from the good is greater than its marginal social cost.
Stagflation refers to a situation in which the economy is experiencing:
A. high economic growth and high inflation. B. low economic growth and high inflation. C. high economic growth and low inflation. D. low economic growth and low inflation.