Officially, the payroll tax is referred to as
a. the trust fund tax.
b. Social Security tax.
c. contributions for social insurance.
d. investment in Social Security.
c
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If hot dog vendors at baseball games want to maximize their total sales revenue, they will have to
A) be willing to experience reduced hot dog expenditure by baseball fans. B) set the price of their hot dogs so that the demand is unit elastic. C) sell as many hot dogs as they can, even if it means lowering price. D) raise their price, even if it means selling fewer hot dogs.
Refer to Figure 2-7. Assume a technological advancement greatly reduces the cost to produce self-driving vehicles. This is best represented by the
A) movement from K to L in Graph C. B) movement from G to H in Graph B. C) movement from H to J in Graph B. D) movement from E to F in Graph A.
Out-of-pocket expenses such as wages and raw materials are
A) direct costs. B) an owner-provided capital cost. C) implicit costs. D) explicit costs.
Since the FICA tax is split equally between employers and employees, we can conclude that the incidence of this tax is also equally shared
a. True b. False Indicate whether the statement is true or false