In his second term, President George W. Bush revived his earlier proposal to
A. eliminate entirely the Social Security taxes paid by employers.
B. place some Social Security taxes of young workers in private accounts under their control.
C. place all Social Security taxes of young workers in private accounts under their control.
D. reduce by one-half the Social Security tax rates on employers.
Answer: B
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The table below shows data for India's economy. Real GDP is measured in millions of rupees
Price level Real GDP supplied in the short run Real GDP demanded a 114 23,501 35,898 b 120 25,355 32,341 c 125 27,670 27,670 d 131 30,366 18,569 e 138 33,164 15,898 If potential GDP in India is ________ million rupees, India is experiencing ________. A) 26,500; an inflationary gap B) 28,500; an above-full-employment gap C) 26,500; a recessionary gap D) 30,000; a potential GDP gap
Which of the following statements about the United States was true as of 2007?
A) It was the world's largest exporter. B) It had the world's largest deficit in its current account. C) It had the world's largest surplus in its current account. D) None of the above are true.
The vertical long-run Phillips curve
a. shows the Fed's employment options b. is vertical because the Fed refuses to change the unemployment rate in the long run c. indicates that the Fed cannot affect the unemployment rate in the long run d. is fixed permanently e. measures recessionary pressures
If the market equilibrium quantity is less than the socially optimal quantity, one can infer that:
A. the private demand curve for the activity is above the socially optimal demand. B. the private supply curve for the activity is below the socially optimal supply curve. C. there is a negative externality associated with this good. D. there is a positive externality associated with this good.