Which of the following factor payment matches is not correct?
a. goods–payments for goods
b. capital–interest
c. labor–wage
d. entrepreneurship–profit
e. land–rent
A
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When the government's outlays exceed its tax revenue, the national debt
A) shrinks thanks to the budget surplus. B) grows to finance the budget deficit. C) shrinks thanks to the budget deficit. D) grows to finance the budget surplus. E) does not change because it has nothing to do with government outlays and tax revenue.
The funds paid to the government today for Social Security taxes are
A) invested to provide for the future benefits of the taxpayers. B) saved to ensure sufficient resources in the future to pay the benefits of workers today when they reach retirement age. C) used by the government to purchase goods and services that will enhance the future productivity of business in the country. D) used to pay the benefits of those who are currently retired.
With only two goods, if the income effect is in the opposite direction as the substitution effect but the income effect dominates then the good is
a. normal b. inferior but not Giffen c. Giffen d. There is not enough information to answer.
A consensus view among economists regarding the possibility of labor-market discrimination is that
a. most wage differences among groups are attributable to discrimination. b. many employers use compensating differentials to hide discriminatory practices. c. wage differences among groups are not sufficient by themselves to determine how much discrimination there is. d. all wage differences among groups are attributable to differences in human capital and compensating differentials.