During the 2008 Presidential campaign, candidate Barack Obama proposed
A. re-imposing the 6.2% (old-age) Social Security tax on incomes over $250,000 per year.
B. raising the "income cap" for Social Security taxes from $106,800 to $250,000.
C. eliminating entirely the Social Security taxes paid by employers.
D. reducing by one-half the Social Security tax rates on employers.
Answer: A
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Always There Wireless is wireless monopolist in a rural area. There are 200 customers, each of whom has a monthly demand curve for wireless minutes of Qd = 200 - 100P, where P is the per-minute price in dollars and Q is the number of wireless minutes. The marginal cost of providing the wireless service is $0.25 per minute. If Always There charges $0.50 per minute and the largest fixed fee that it can at that price, what is the difference in total profit compared to when it charges $0.25 per minute and the largest fixed fee that it can at that price?
A. Profit is the same in both cases, and it is equal to zero. B. Profit is the same in both cases, and it is negative. C. Profit is $626 higher at a price of $0.50. D. Profit is $626 higher at a price of $0.25.
In order to minimize the cost of producing a given level of output, a firm manager should use more inputs when:
A. that input's price falls. B. that input's price rises. C. the prices of other inputs fall. D. that input's price remains the same.
The single biggest federal tax is the
A. estate tax. B. corporate income tax. C. excise tax. D. federal income tax.
Assume Cathy's Cupcake Company operates in a perfectly competitive market producing 10,000 cupcakes per day. At this output level, marginal cost exceeds this firm?s price. Assuming price exceeds average variable cost, to maximize profits Cathy's should
A. decrease their output. B. stop producing since it is earning a loss. C. increase their output. D. make no adjustments as they are already maximizing their profits.