To protect depositors against bank failures, the federal government created which of the following in 1933?
a. Federal Reserve System
b. Resolution Trust Company
c. Federal Savings and Loan Insurance Corporation
d. Federal Deposit Insurance Corporation
e. Excess Reserve Insurance Corporation
D
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If FICA takes the same percentage rate of everyone’s pay, how can it take a higher proportion of the income of lower earners?
a. Lower earners have to pay the full amount, whereas higher earners’ employers pay half. b. The income from which FICA is taken is capped, so higher earners are not taxed on earnings above that amount. c. Lower earners are required to pay FICA during the year, and again as part of income taxes at the end of the year. d. FICA is only taken from hourly wages, so salaried workers, who usually earn higher incomes, do not have to pay it.
When tax revenues minus outlays is i. positive, the government has a budget surplus. ii. negative, the government has a budget deficit. iii. zero, the government has a balanced budget
A) i, ii, and iii B) i and ii only C) ii and iii only D) i only E) iii only
In the DMP model
A) the market wage is equal to the marginal product of labor. B) the market wage is equal to the marginal rate of substitution of leisure for consumption. C) the wage is equal to the marginal rate of transformation. D) the wage is determined by bargaining between the firm and the worker.
In the prisoner's dilemma game:
A. there is a dominant strategy for a player depending on what the other player does. B. there is a dominant strategy for only one player. C. there is a dominant strategy for both players. D. there is no dominant strategy for either player.