Social Security is financed, in part, by
a. sales taxes
b. excise taxes
c. payroll taxes
d. alcohol and cigarette taxes
e. state lotteries
C
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Every firm is constrained by the demand curve for the product it produces
a. True b. False
When a firm competes in a competitive market with some market power, the profit maximizing level of employment occurs where?
a. MRP=MRC b. ATC=ATR c. VC=FC d. there is no optimal level of employment
Based on the graph showing a reduction in the growth of the money supply, the implication of the economy moving from point D to point F is that policies to alter output or unemployment ______.
a. can eliminate long-term unemployment problems
b. can help the economy sustain high output levels over long periods
c. take a long time to produce any noticeable effects
d. are ineffective over time because the economy returns to natural levels
Hotdogs are very cheap at the grocery store-about $2 for a package of 8, or 25 cents each. At a baseball game they cost $3 each. Use the concept of price elasticity of demand to explain why.
What will be an ideal response?