The life cycle theory of retirement breaks up an individual's working life into these three periods:
A. youth, middle age, and old age.
B. education, work, and enjoyment.
C. training, working, and retiring.
D. not working, working, and not working.
Answer: A
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Economic growth is usually defined as
A) the increase in output over time, as measured by real per capita Gross Domestic Product (GDP). B) the reduction in the real cost of necessities. C) the rate of increase in output divided by the increase in labor. D) the increase in input availability.
While the endowment bundle must lie on the original budget line, it need not lie on the budget line when prices change.
Answer the following statement true (T) or false (F)
When a tax is imposed on a good or service, buyers respond only to the price that ________ the tax, and sellers respond to the price that ________ the tax
A) excludes; includes B) includes; excludes C) excludes; excludes D) includes; includes
The payroll tax and the income tax differ in that:
A. the employer pays the payroll tax, and the individual pays the income tax. B. the payroll tax is tied directly to specific programs while the personal income tax goes toward general government revenue. C. employers have to pay both payroll and corporate income taxes, and individuals only have to pay personal income tax. D. the employer pays the payroll tax, but the income tax burden is shared between employer and employee.