Social Security is used to redistribute income.
A. True
B. False
C. Uncertain
A. True
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________ dictates the lowest wage that firms may pay for labor
A) The black-market wage B) A maximum wage requirement C) A minimum wage law D) A price-ceiling wage
If average fixed costs equal $60 and average total costs equal $120 when output is 100, the total variable cost must be:
a. $40. b. $60. c. $6,000. d. $8,000.
Ceteris paribus, if consumer tastes change so that more people are eating broccoli, then what will happen to the market equilibrium for cabbage, a substitute good for broccoli?
a. Price will increase, and quantity will increase. b. Price and quantity will stay the same. c. Price will decrease, and quantity will increase. d. Price will increase, and quantity will decrease. e. Price will decrease, and quantity will decrease.
A tax where wealthy people pay a larger percentage of their income than poor people is known as a(n)
a. excise tax b. flat tax c. proportional tax d. progressive tax e. regressive tax