What might cause a decrease in current supply of a product?
A. An increase in the product's own price
B. A decrease in the price of one of the inputs used to make the product
C. New information that leads sellers to believe that the product's price will fall in the future
D. New information that leads sellers to believe that the product's price will rise in the future
Answer: D
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If the variable on the vertical axis increases by 20 and the variable on the horizontal axis increases by 5, the slope of the line is
A) 0.25. B) 4. C) 15. D) 100.
The primary purpose of antitrust legislation is to
a. protect small business b. protect the competitiveness of U.S. business c. protect the prices of American-made products d. ensure American labor is paid a fair wage e. ensure firms earn only a fair profit
Suppose a taxpayer has an income of $100,000 and a taxable income of $80,000, and pays taxes of $10,000. If the taxpayer talks of being taxed at a 10 percent rate, she is referring to the
A. Effective tax rate. B. Nominal tax rate. C. Average tax rate. D. Marginal tax rate.
The Social Security system in the United States today is
A. actuarially sound. B. composed of a private pension fund into which workers have paid and who will withdraw their invested funds upon retirement. C. currently in no danger of running out of money in the long run. D. no longer a “pay as you go” system.