For 2016, the maximum taxable income for Social Security purposes is
A. $118,500.
B. $97,500.
C. unlimited.
D. $51,125.
Answer: A
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Which is an example of a negative externality?
A) A tornado B) A hurricane C) A flood D) All of the above. E) None of the above.
Whenever government spending is a substitute for private spending
A) interest rates will rise. B) the Ricardian equivalence theorem holds. C) the effects of expansionary fiscal policy are dampened. D) there is a direct multiplier effect.
Physical capital differs from raw materials in the sense that raw materials
a. have a longer useful life in production b. are considered human capital c. cannot be used to produce goods and services d. are used up in production e. are not a resource used in production
The Law of Diminishing Marginal Utility suggests that
A. when you consume more, you are less happy. B. the more you consume, the less extra enjoyment you get out of each additional unit. C. when you consume more, society is less well off. D. when prices are higher, you buy more.