What critical resource is likely to be the culprit for the impending doom of Social Security regarding tax collection? Explain
What will be an ideal response?
Because the baby-boom generation gave birth to fewer children these people will be part of the labor force that will be supporting the baby-boomers when they retire. Because their numbers are so much smaller the amount of taxes collected will be smaller as well.
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Diminishing marginal utility means that
A) Ralph will enjoy his second hamburger less than the first. B) the total utility from one hamburger exceeds the total utility from two hamburgers. C) the price of two hamburgers is twice the price of one. D) beyond a certain point, total utility decreases as income rises.
The opportunity cost of a given investment is the potential earnings forfeited by tying up money in the investment
a. True b. False Indicate whether the statement is true or false
In the long run, zero economic profit exists in monopolistic competition and perfect competition
a. True b. False Indicate whether the statement is true or false
An increase in productivity will:
a. Increase aggregate demand b. Increase aggregate supply c. Decrease aggregate supply and aggregate demand d. Increase aggregate supply and aggregate demand