The Social Security system is financed by
A) a tax on individual retirement accounts.
B) a payroll tax paid only by employers.
C) a payroll tax paid by both employers and employees.
D) a tax on luxury goods.
C
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The horizontal axis on the aggregate demand–aggregate supply model measures
A. the price of the specific product produced. B. the level of total output. C. the price level. D. the level of employment.
The schedules in the table give the marginal social benefit and marginal social cost of a DVD. At the efficient quantity, the minimum supply-price of a DVD is ________ and the value of a DVD is ________
A) $16; $24 B) $16; $20 C) $20; $16 D) $20; $20
For the firm in Figure 8.1, the profit-maximizing (loss-minimizing) price and level of output are:
A) P2 and Q2. B) P1 and Q1. C) P4 and Q1. D) P3 and Q1.
Consider four possible benefits of a water resources project: I. Provides employment to construction workers currently building houses. II. Provides electric power to the market. III. Provides reduced flood risk to individuals living along the river. IV. Raises the profits of MacDonald's stands in the area which serves construction workers. Which of these are true social benefits of the project?
a. All of them b. I, II, and III, but not IV c. I and III, but not II and IV d. II and III, but not I and IV