In 2016, if you earned $200,000 in income, you would pay approximately __________ in taxes to fund Social Security; if you earned $1,000,000 in income, you would pay approximately __________ in taxes to fund Social Security.
A. $94,200; $913,200
B. $14,700; $73,500
C. $7,350; $7,350
D. $12,400; $62,000
Answer: C
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Price discrimination occurs when
a. price exceeds marginal cost b. a firm charges different customers different prices, and the differences are not explained by cost factors c. price exceeds average cost d. a firm charges different customers different prices, where these differences are based on cost differences e. price equals average variable cost
Which of the following equations is accurate?
a. money interest rate = real interest rate - inflationary premium b. real interest rate = money interest rate + inflationary premium c. real interest rate = money interest rate - inflationary premium d. real interest rate = money interest rate
Union leaders who focus on increasing the size of their union will generally accept a wage just above the competitive level.
Answer the following statement true (T) or false (F)
Suppose marginal cost is constant and equal to 100 and market demand is given by Qd = 20- 1/10P. A profit-maximizing monopolist will set price equal to:
A. 150. B. 100. C. 10. D. 300.