The combined Social Security tax rate was _____ up to incomes of _____
a. 15.3 percent; $87,000
b. 14.2 percent; $91,000
c. 11.7 percent; $83,500
d. 12.8 percent; $88,000
a
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In the above figure, the average fixed cost curve is curve
A) A. B) B. C) C. D) D.
Answer the following statements true (T) or false (F)
1. Government regulations which affect entrepreneurial activities within a nation also affect total output and the standard of living. 2. A nation’s raw materials and sources of energy are considered part of its capital resources. 3. When the entire production possibilities curve shifts inward, the economy is growing. 4. A production possibilities curve shows the use of resources and the alternative combinations of goods that a society can produce.
If a potato farmer increases output and finds that total revenue increased less than total cost, then you know for sure that
a. profit had been maximized b. the farmer should not have increased output c. the farmer should produce even more output d. the farmer suffers a loss e. the farmer should have decreased output, not increased it
If marginal utility is a positive number:
a. the more you purchase, the more total utility you get b. the more you purchase, the less total utility you get c. utility is not affected by more purchases d. none of these is correct