A tax on the wages paid to an employee is called the:
A. payroll tax.
B. personal income tax.
C. corporate income tax.
D. excise tax.
A. payroll tax.
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Complete the sentence. An entrepreneur advances a project only if the expected marginal benefit exceeds the expected marginal cost,
A) and so does a government bureaucrat. B) but a government bureaucrat advances a project only if the marginal cost exceeds the marginal benefit. C) but a government bureaucrat is in no position to determine the cost of his own action. D) but a government bureaucrat has no concern about the benefit of his own action.
If a market economy has a self-correcting mechanism, when output is lower than potential or full-employment output,
a. changes will occur that will automatically guide the economy back to full employment. b. resource prices will increase. c. prolonged unemployment such as was experienced during the Great Depression will occur. d. the economy will fall into a more severe recession.
If a construction boom leads to an increase in the price of lumber, how will the higher lumber prices influence the wood furniture market?
a. The demand for wood furniture will decline, and furniture prices will fall. b. There will be a shortage of wood furniture. c. There will be a surplus of wood furniture. d. The supply of wood furniture will decline, and furniture prices will increase.
In general, the less elastic the resource supply, the less the economic rent as a proportion of total earnings
Indicate whether the statement is true or false