The Social Security tax (OASDI) is applied to every dollar of wages earned
Indicate whether the statement is true or false
F
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The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
The five most important variables that determine the level of consumption are
a. disposable income, wealth, expected future income, price level, and interest rate b. wealth, savings account balances, checking account balances, stock portfolio balances, and bond portfolio balances c. government purchases, interest rates, income, taxes, and transfers d. government purchases, saving account balances, wealth, interest rates, portfolio balances
If a sawmill creates too much noise for local residents,
a. noise restrictions will force residents to move out of the area. b. a sense of social responsibility will cause owners of the mill to reduce noise levels. c. the government can raise economic well-being through noise-control regulations. d. the government should avoid intervening because the market will allocate resources efficiently.
Economic well-being in Canada is understated by growth rates because they:
What will be an ideal response?