Which one of the following does not cause a shift in the demand curve for gasoline?
A. An increase in gas tax
B. An increase in oil imports from the Gulf
C. An increase in the amount of alternative fuels
D. An increase in the price of gasoline
Answer: D
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For all employee earnings subject to Social Security taxes, what is the current Social Security tax rate for employees?
A) 0.8% B) 2.9% C) 4.2% D) 6.2%
Why are economists so often skeptical of replacing GDP as a measure of well-being?
A. Economists see little wrong, other than measurement errors, in the way GDP is computed. B. Economists think that the alternatives cannot take changes in price level into account in an acceptable manner. C. Economists believe that only market activity can be and should be measured. D. The alternatives involve value judgments about social goals that some or many economists find controversial.
Commercial banks act as middlemen between savers and borrowers, therefore they are called _____
a. lenders of the last resort b. financial intermediaries c. banker's banks d. thrift institutions e. profitable institutions
Why is it difficult for economists to predict the price and output policy that will emerge in oligopolistic markets?
a. Economists cannot determine if barriers to entry exist in a market. b. Economists cannot predict the reactions that firms will have to the actions and decisions of other firms. c. The government prevents economists from acquiring the information that would lead to good predictions. d. Firms have a set price and output policy, but the policy is concealed to discourage competition.