The revenue that the federal government collects from payroll taxes is earmarked to pay for
a. national defense and income security (welfare) programs
b. national defense and Medicare
c. Social Security and public schools
d. Social Security and Medicare
d
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For a perfectly competitive firm, price is the same as
A) marginal revenue. B) average variable cost. C) total revenue. D) Both answers A and B are correct.
Suppliers will provide more of a good when
A) the market price increases. B) the good is a normal good. C) resource prices increase. D) there is a decrease in demand.
A market is said to be allocatively efficient when the marginal cost of producing each good equals the marginal benefit that consumers derive from that good
a. True b. False
Discuss the key criteria for success and the advantages of a central bank adopting the framework of inflation targeting.
What will be an ideal response?