In terms of Social Security taxes, the self-employed pay
A. only the employee portion.
B. both the employee and employer portions.
C. only the employer portion.
D. no tax.
Answer: B
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Appendix: A Dutch auction implies all of the following except
a. more than one unit sale available b. higher prices later in the auction c. identical expected seller revenue for common value items d. greater expected seller revenue in estate sales with risk-averse bidders
Suppose that the demand curve for apples is downward sloping and the price per pound decreases from $1.25 to $1.00. We would then expect
A. the demand for apples to decrease. B. the demand curve to shift toward the origin. C. the quantity of apples demanded to fall. D. the quantity of apples demanded to increase.
If a good or service does not get used up as it is consumed, then it is said to be
A) nonexcludable. B) nonrival. C) nondiscrimination. D) nonconsumable. E) None of the above.
What is the rationale for government provision of education?
a. Not all incomes are equal, but everyone has the right to education regardless of wealth. b. Potential students consider only their personal benefits gained from education, but the rest of society benefits, too. c. No education would be provided in the absence of government provision because everyone would consume it without paying. d. The cost of providing education for the entire public is too large. e. The government can provide education at a much lower cost than the private sector.