If you had a salary of $1,000,000, (a) how much Social Security tax would you have to pay and (b) How much Medicare tax would you have to pay?
What will be an ideal response?
(a) $102,000 × .062 = $6324.00
(b) $1,000,000 × .0145 = $14,500
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While it can be hard to measure, when it comes to education, _______________ around the world.
a. the psychic cost is high b. the level of suspicion is increasing c. the social rate of return is positive d. the purely private benefits outweigh the social benefits
If you paid $100 for a truckload of cabbage on Monday, how much should you be willing to sell it for on Friday, the day before it spoils?
a. $100 b. $100 plus normal accounting profit c. $50 because it has lost value since Monday d. whatever you can get for it
Economists agree that
a. neither high inflation nor moderate inflation is very costly. b. both high and moderate inflation are quite costly. c. high inflation is costly, but they disagree about the costs of moderate inflation. d. moderate inflation is as costly as high inflation.
Adam Smith believed that through division of labor and specialization, producers could significantly increase their output. This is an example of a(n) ______.
a. aggregate b. resource c. correlation d. theory