In 2003, the Social Security tax was around _____ of total federal taxes
a. 17 percent
b. 26 percent
c. 31 percent
d. 39 percent
d
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If Social Marginal Cost (SMC) > Price (P) = Buyer's Private Marginal Benefit (MB) = Seller's Private Marginal Cost (MC) = Social Marginal Benefit (SMB), it implies that
A. firms are not maximizing profits. B. the product is oversupplied. C. there is an excess demand for the product. D. the socially optimal amount of the product is supplied.
Suppose Ariana deposits $75,000 in her bank. If the reserve ratio is 20 percent, this will lead to a maximum increase of ________ in checking account balances throughout all banks.
A. $15,000 B. $375,000 C. $750,000 D. $1,500,000
Explain how inflation can lead to distortions
What will be an ideal response?
Economics can be described as the study of how people use ________ resources to satisfy ________ wants.
A. unlimited; unlimited B. limited; limited C. unlimited; limited D. limited; unlimited