A production or consumption quota that can be bought or sold is called:
A. a buyers' or sellers' quota.
B. a tax.
C. a tradable allowance.
D. a subsidy.
C. a tradable allowance.
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In 2011, which of the following temporary changes to Social Security was enacted to boost the economy?
A. The portion of payroll taxes paid by employers was reduced from 6.2% to 4.2%. B. Benefits were increased by 10%. C. The portion of payroll taxes paid by employees was reduced from 6.2% to 4.2%. D. The maximum taxable earnings was reduced to $40,000.
The majority of American workers are employed in the manufacturing sector.
Answer the following statement true (T) or false (F)
Two nations, Alpha and Beta, can both produce steel. Alpha has a comparative advantage in the production of steel if it
A. has a higher domestic opportunity cost of producing steel than Beta. B. uses more steel than Beta. C. can produce more steel than Beta. D. has a lower domestic opportunity cost of producing steel than Beta.
Answer the following statements true (T) or false (F)
1. The aggregate demand curve is the sum of individual demand curves in the economy. 2. Aggregate demand curves tend to be very flat. 3. Higher prices reduce the purchasing power of financial assets owned by households. 4. Net exports are excluded in the calculation of the national income. 5. As disposable income increases, the total amount of planned consumption increases.