National debt is also known as
A. private debt.
B. public debt.
C. private saving.
D. public saving.
Answer: B
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In 2006, a Social Security (FICA) tax of 7.65% of payroll earnings was paid by both the employee and the employer
Indicate whether the statement is true or false
The price elasticity of demand for cigarettes by adults is -1.3 while for young smokers it is -0.4 . A tax on cigarettes would lead to which of the following effects?
a. a smaller reduction in the quantity of cigarettes demanded by younger smokers than by older smokers b. the same reduction in the quantity of cigarettes demanded by both age groups c. a larger reduction in the quantity of cigarettes demanded by younger smokers than by older smokers d. no impact on the quantity of cigarettes demanded by either group e. not enough information to predict the impact
Why doesn’t a perfectly competitive firm charge a price slightly higher than the industry price in order to earn extra profit?
What will be an ideal response?
The price level rises in the short run if
A. aggregate demand or aggregate supply shifts right. B. aggregate demand shifts right or aggregate supply shifts left. C. aggregate demand shifts left or aggregate supply shifts right. D. aggregate demand or aggregate supply shifts right.