If in 2016, a woman made $90,000 on the job, $30,000 from a consulting business she operated, and $10,000 in dividends on stock she owned, she would owe old-age Social Security taxes on
A. $118,500
B. $80,000.
C. $120,000.
D. $97,500.
Answer: A
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Economic growth tends to be higher in a country that
A) has an open economy that encourages the rapid spread of technology. B) does not grant patents to investors. C) has a low saving rate. D) has an undeveloped system of property rights.
The demand curve, which assumes that competitors will follow price decreases but not price increases, is called
A) an industry demand curve. B) an inelastic demand curve. C) a kinked demand curve. D) a competitive demand curve.
Gross domestic product measures
a. income and expenditures. b. income but not expenditures. c. expenditures but not income. d. neither income nor expenditures.
Suppose Island Bikes, a profit-maximizing firm, is the only bike rental company in a small resort town. The marginal cost to Island Bikes of renting out a bike is $3, and Island Bikes has no fixed costs. Each day Island Bikes has six potential customers, whose reservations prices are listed in the table. CustomerReservation Price($/Rental)A22B16C12D8E6F4Suppose Island Bikes knows that customers whose reservation prices are at least $10 always rent bikes before noon, while those whose reservation prices are below $10 never do so. If Island Bikes charges a different price in the morning and in the afternoon, then what will be its daily economic profit?
A. $33 B. $32 C. $27 D. $39