The taxes used to pay for Social Security and Medicare are:
A. income taxes.
B. sales taxes.
C. corporate income taxes.
D. payroll taxes.
D. payroll taxes.
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What assumptions are made concerning wages and prices in a classical economic model?
What will be an ideal response?
Of the following Asian countries, which has the lowest level of real GDP per person?
A) China B) Korea C) Singapore D) Hong Kong
Analysis of the Great Depression indicates that
a. even though monetary and fiscal policies were highly expansionary, they were unable to offset the economic plunge. b. even though monetary policy was expansionary, restrictive fiscal policy dominated during the 1930s. c. a reduction in tax rates could not prevent the economic downturn from spiraling into a depression. d. the severity of the economic decline, if not its onset, was the result of perverse monetary, fiscal and regulatory policies.
Recall the Application about growth in China and India to answer the following question(s). From 1978 to 2004, China grew at a rate of 9.3 percent per year and India grew at a rate of 5.4 percent per year.According to this Application, based on the analysis of the sources of growth in China and India, and assuming that nothing changes, it can be concluded that:
A. India's long-term growth prospects are not as strong those for China. B. the growth rate in China should significantly slow down in the near future, but the growth rate in India will continue to rapidly increase in the near and distant future. C. there is convergence between the nations in Asia. D. China's reliance on technology for economic growth makes it less likely to keep pace with the growth rate in India.