A person earning $300,000 would pay Social Security tax on
A. none of her income.
B. all of her income.
C. nearly all of her income.
D. less than half of her income.
D. less than half of her income.
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Aggregate expenditure means total or combined spending
a. True b. False Indicate whether the statement is true or false
Which of the following is not considered a renewable resource?
A. Fish in the ocean B. Sunlight C. Wind D. All of these are renewable resources.
Economists make assumptions because
a. they need to incorporate value judgments into their models. b. analysis without assumptions would be impossibly complex. c. they always have imperfect information about reality. d. assumptions are the final product of careful economic analysis. e. assumptions allow economists to ignore things that they cannot explain.
When a production possibilities frontier is bowed outward, the opportunity cost of producing an additional unit of a good
a. increases as more of the good is produced. b. decreases as more of the good is produced. c. does not change as more of the good is produced. d. may increase, decrease, or not change as more of the good is produced.