What do Social Security taxes pay for?
What will be an ideal response?
Answer: benefits to older citizens, surviving family members of wage earners, and people with certain disabilities.
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A natural monopoly is producing an output level of 1,000 units per day. If the monopoly is broken up into 5 firms, then average total cost for each of the 5 firms
a. will exceed the monopolist's average total cost b. will equal the monopolist's average total cost c. will fall below the monopolist's average total cost d. may equal or fall below the monopolist's average total cost e. may equal or exceed the monopolist's average total cost
A monopolist's cost curves will
a. be identical to those of a competitive firm. b. be higher than a competitive firm's cost curves. c. be peculiar to the individual producer since there is only one. d. drop more steeply as output increases.
Under which of the following conditions would the interdiction of illegal drugs result in a decrease in the quantity of drugs sold and in a decrease in total spending on illegal drugs by drug users?
a. The interdiction has the effect of shifting the demand curve for illegal drugs to the right. b. The price elasticity of demand for illegal drugs is 1.3. c. The price elasticity of supply for illegal drugs is 0.8. d. As a result of the interdiction, the price of illegal drugs increases by 20 percent and the quantity of illegal drugs sold decreases by 16 percent.
In a world lacking property rights, it would be ________ to realize the gains from trade and there would be ________ specialization
A) easier; less B) easier; more C) harder; less D) harder; more