Which of the statements best describes the difference between economic regulation and social regulation?
A. Economic regulation focuses on output and price; social regulation focuses on improving the quality of life.
B. Social regulation targets industries like transportation, while economic regulation targets utilities.
C. There are no significant differences between economic and social regulation, social regulation is a more modern way of regulating an economy.
D. Social regulation focuses on output and price; economic regulation focuses on quality of life issues.
Answer: A
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The payroll tax rate is 12.4% on an amount of income adjusted annually for inflation called the wage base (e.g., $97,500 for the year 2007). Half of the tax is withheld from the employee's pay with the other half being paid by the employer
How might this tax be viewed as regressive?
Restricting imports of Brazilian shoes will
a. raise the price of both Brazilian and domestically produced shoes b. raise the price of Brazilian shoes but lower the price of domestically produced shoes c. lower the price of Brazilian shoes but raise the price of domestically produced shoes d. lower the price of both Brazilian and domestically produced shoes e. benefit the producers of shoes in Brazil
When the economy operates well below its productive capacity, an increase in any spending— whether it's government's or the private sector's—tends to be reflected primarily in a(n)
a. lower level of employment b. increase in price c. lower level of output d. higher level of output and employment e. increase in business inventories
Determine how each of the following situations would affect the demand for current consumption, the supply of current consumption, and the interest rate.
(i) Cuban immigrants, who own no capital of their own, arrive in the country. (ii) A drought lowers farmers' productivity this year, but rainfall levels are expected to return to normal next year. (iii) Scientists announce that a new lubricant that will double engine life will be available next year.