In making labor supply decisions, households weigh
A. the market wage against the value of market produced goods.
B. the market wage against the value of their marginal product of labor.
C. child care costs.
D. the market wage against the value of leisure and time spent in unpaid household production.
Answer: D
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The members of a society can assign tasks according to ability and distribute benefits in accordance with need only
A) if the government controls the economy. B) if they have a workable procedure for assessing abilities and needs. C) in a socialist or, more likely, a communist society. D) when there are enough of them to assure competent performance of all necessary tasks. E) when they are committed to equity as well as efficiency.
The Medicare tax is applied only to the first $87,000 of income
a. True b. False
In the early 1970s, OPEC's goal was to
a. decrease the world-wide price of oil so that the quantity demanded increased, thus raising total revenues for OPEC members. b. increase the world-wide price of oil by reducing the quantity of oil supplied. c. increase the world-wide price of oil by increasing the quantity of oil supplied, thus raising total revenues for OPEC members. d. decrease the world-wide price of oil so that quantity demanded increased.
Refer to the information provided in Figure 28.7 below to answer the question(s) that follow.
Figure 28.7Refer to Figure 28.7. If the economy is on SRPC2, then the expected inflation rate is
A. 4%. B. 5%. C. 6%. D. none of the above.