In 2011, social insurance taxes represented approximately what percentage of total receipts for the federal government?
a. 5%
b. 12%
c. 36%
d. 44%
c
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As John's income has increased, he has purchased fewer hamburgers. Hamburgers are
A) a normal good for John. B) an inferior good for John. C) not following the law of demand. D) leading to a rightward shift in John's demand curve for hamburgers.
What kind of garbage tends to be recycled in the United States?
a. hazardous materials that must be transformed chemically into less dangerous substances b. biodegradable materials c. foodstuffs d. aluminum, paper, and other materials that have high commercial value e. appliances that can be salvaged from dumps and repaired
The saying “the lower the price, the better” may not always be correct for an economy’s public interest because
A. people should have to pay for what they want. B. people will overuse something they perceive as being cheaper than the utility they receive for it. C. the government can no longer afford to provide all the goods and services it provides because it is slowly going broke. D. cheaper prices will make people buy less of other things.
Dina drives to work on Interstate 294 at 90 MPH, well in excess of the 65 MPH speed limit. Sandy is behind her, going 85 MPH. A state trooper pulls Dina over and gives her a speeding ticket. Sandy continues driving. If Dina had not been speeding, the trooper would have ticketed Sandy. In terms of externalities, this story shows that
a. the 10 MPH difference defines the difference bewteen a negative and positive externality b. Sandy enjoys a positive externality c. Dina suffers a negative externality d. Dina's driving habits created a negative externality for Sandy e. Sandy's driving habits created a negative externality for Dina