For an individual concerned with whether or not the Social Security system provides a good rate of return on the money paid into the system, she only needs to look at the return on investment for previous beneficiaries
a. True b. False
b
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An excise tax levied on a product will impose a larger relative burden on consumers (and a smaller relative burden on sellers) when
a. the supply of the product is relatively inelastic. b. the supply of the product is relatively elastic. c. the demand for the product is relatively inelastic. d. either b or c is true
If oligopolistic firms facing similar cost and demand conditions successfully collude, price and output results in this industry will be most accurately predicted by which of the following models?
A. the price-leadership model of oligopoly B. the monopolistic competition model C. the pure monopoly model D. the kinked demand curve model of oligopoly
Global markets consist of buyers and sellers
A. only within their community. B. within a state. C. anywhere in the world. D. within a nation.
Suppose that the per capita GDP for Japan in 2019 was $48,500 and in 2020 was $49,470. How much did the Japanese per capita GDP grow between 2019 and 2020?
A. 3 percent B. -2 percent C. 2 percent D. Cannot be determined without further information