When the Social Security payroll tax exceeds the wage limit, it becomes a ________ tax.
a. progressive
b. regressive
c. excise
d. marginal
b. regressive
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If the price elasticity of supply of a good is elastic and the good price increases, then the increase in the good's supply should be
A) greater than the increase in price. B) less than the increase in price. C) the same as the increase in price. D) Cannot be determined from this information
Assume that an oligopolist has a kinked demand curve. Suppose that the marginal cost curve passes through the gap in the marginal revenue curve. This means price and output will be shown by a point:
a. above the curve. b. below the curve. c. at the kink d. on the upper part of the curve. e. on the lower part of the curve.
Which of the following is the most important determinant of the elasticity of supply? a. The number of uses for the product
b. The number of close substitutes to the product available to consumers. c. The amount of time producers have to adjust their behavior in response to a price change. d. The percentage of their incomes consumers spend on the product.
Stagflation is the simultaneous occurrence of inflation and high unemployment.
Answer the following statement true (T) or false (F)