In the long run in perfect competition, producer surplus equals zero
Indicate whether the statement is true or false
true
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The United States Social Security system
a. pays benefits in direct accordance to what each individual has paid into the system. b. has paid the current generation of recipients less in benefits than it paid in payroll taxes. c. has paid the current generation of recipients more than it paid in payroll taxes. d. paid the earlier generations more and the current generation less than each paid in payroll taxes.
What are the general conditions under which a fixed exchange rate makes sense for a country?
What will be an ideal response?
The horizontal summation of all individual demands at different given prices results in the:
A. market supply curve. B. market demand curve. C. individual demand curve. D. equilibrium demand and supply curves.
According to the textbook, the percentage of gross domestic product devoted to healthcare between the years 1940 and 2013:
A. increased from 4% to about 6%. B. increased from 4% to more than 40%. C. increased from 4% to more than 17%. D. declined from 4% to less than 2%.