If consumer income and prices all are cut in half, then the consumers' real income doubles.
Answer the following statement true (T) or false (F)
False
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Explain Purchasing Power Parity
What will be an ideal response?
If the entire Social Security payroll tax were paid by the employers _____
a. the workers would be better off b. labor costs would increase c. the price of all non-labor goods would rise d. the employees after-tax wage would be unaffected
The total amount of income in a society is independent of how income is distributed
a. True b. False Indicate whether the statement is true or false
It is not uncommon for people to say something like, "If we can put someone on the moon we should be able to . . . ," followed by the person's favorite project. What response can an economist make to this person?
What will be an ideal response?