The most common explanation for Social Security payments accounting for a larger share of federal government expenditures is
a. increases in life expectancy.
b. people becoming eligible for Social Security benefits at an earlier age.
c. increases in birth rates among teenagers and the poor.
d. falling payroll tax receipts.
a
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A property tax payment made by the owner of an apartment building is a
A) cost irrelevant to rent-setting decisions because it is not affected by supply and demand. B) marginal cost of continuing to own the building. C) marginal cost of supplying rental space. D) marginal overhead cost and will therefore affect rental rates. E) sunk cost and therefore cannot affect rents even in the long run.
If Year 1 is the base year, the real GDP of Year 2 is
A) $800. B) $1050. C) $1900. D) $2400.
If the price of apples decreases by 2 percent and causes apple consumption to increase by 4 percent, the price elasticity of demand is ____, indicating the demand is ____
a. 2; elastic b. 2; inelastic c. 0.5; elastic d. 0.5; inelastic
Two firms in an industry act as a cartel, with each firm agreeing to charge a price of $16 and sell two units of output. If one of them cheats and produces two more units of output, the cheating firm's total revenue increases by ______ and the other firm's total revenue decreases by ______.
Fill in the blank(s) with the appropriate word(s).