A mandatory tax that both workers and employers in the United States pay to fund Social Security and Medicare is the
A) corporate income tax.
B) individual income tax.
C) payroll tax.
D) excise tax.
C
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A gold sale by the U.S. Treasury
A) reduces bank reserves. B) increases bank reserves. C) increases Federal Reserve assets. D) leaves bank reserves unaffected.
Economies of scale exist when long-run average total costs ______.
a. fall as output expands b. rise as output expands c. are steady as output expands d. rise regardless of output
Many people do not fully insure against risk because
A) they are risk averse. B) the insurance companies are all crooks. C) the insurance offered is less than fair. D) the insurance offered is more than fair.
Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower