In 2000, Congress eliminated the earnings test for those ages 62 and up who still work
Indicate whether the statement is true or false
F
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When U.S. real GDP increases, U.S. imports
A) increase by more than the change in real GDP. B) decrease by less than the change in real GDP. C) decrease by the same amount. D) increase by less than the change in real GDP. E) increase by the same amount.
Producers' total revenue will increase if
A) income increases and the good is an inferior good. B) the price rises and demand is elastic. C) the price rises and demand is inelastic. D) income falls and the good is a normal good.
Refer to Figure 18-1. Area E + H represents
A) the portion of sales tax revenue borne by consumers. B) the portion of sales tax revenue borne by producers. C) the excess burden of the sales tax. D) sales tax revenue collected by the government.
In general, a change in the price of a good:
A. causes a substitution effect only. B. causes an income effect only. C. causes both an income and substitution effect. D. usually has no effect.