If we were to pay everyone exactly the same income
A) there would be a large amount of economic growth.
B) there would be no incentive to invest in human capital.
C) more people would seek an education.
D) productivity would increase.
B
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For 2016, the maximum taxable income for Social Security purposes is
A. $118,500. B. $97,500. C. unlimited. D. $51,125.
Which of the following accurately describes an effect of hurricane Katrina on GDP?
A) GDP would increase reflecting the decrease in production that occurred during the storm and the productive capacity lost in the storm. B) GDP would increase well-being. C) GDP would increase reflecting the costs of cleanup. D) GDP would decrease reflecting the costs of cleanup.
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
The profit-maximizing monopolist always selects that output at which ___________ is equal to __________.
Fill in the blank(s) with the appropriate word(s).