Social Security is an earmarked tax
a. True b. False
a
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A rational decision maker will take only those actions for which the expected marginal benefit
a. is positive b. is at its maximum level c. is greater than or equal to the expected marginal cost d. is less than the expected marginal cost e. exactly equals the expected marginal cost
Normative analysis focuses on statements that can be tested against real-world data
a. True b. False Indicate whether the statement is true or false
A one-time rise in the price level can turn into a demand-pull inflation when ________.
What will be an ideal response?
Answer the next question on the basis of the following information about the opportunity costs of two products-fish (F) and chicken (C)-in countries Singsong and Harmony. Assume that production occurs under conditions of constant costs and these are the only two nations in the world. Finally, the opportunity costs of fish in terms of chicken are: Singsong: 1F = 2C. Harmony: 1F = 4C If these two nations specialize based on comparative advantage, then
A. Singsong will produce chicken and Harmony will catch fish. B. Harmony will both produce chicken and catch fish. C. Singsong will both produce chicken and catch fish. D. Harmony will produce chicken and Singsong will catch fish.