ECO372T Economics Study Questions 3
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Question 14
The Social Security tax is regressive because
Multiple Choice
the Social Security tax rate applied does not rise with the salary level.
each individual must pay a set percentage of his or her income in Social Security taxes.
as income increases, the Social Security tax rate increases at a decreasing rate.
no Social Security tax is collected for incomes in excess of a “cap” income level.
Question 15
Which of the following is the largest expenditure item of state governments?
Multiple Choice
Public welfare
Highways
Education
Health and hospitals
Question 16
Aggregate demand is best described as the relationship between the:
multiple choice
quantity demanded of a good or service and the price of the good or service.
quantity demanded in a market and the market price.
quantity of real GDP demanded in the economy and the price level.
quantity demanded and the price.
Question 17
For each of the following scenarios, determine the effect on aggregate supply.
a. There is an unexpected decrease in oil prices. This causes:
multiple choice 1
a movement along the aggregate supply curve to the right, indicating an increase in the quantity of real GDP supplied.
a movement along the aggregate supply curve to the left, indicating a decrease in the quantity of real GDP supplied.
an increase in aggregate supply, shifting the aggregate supply curve to the right.
a decrease in aggregate supply, shifting the aggregate supply curve to the left.
b. The government increases the amount that all producers are required to contribute to health insurance coverage. This causes:
multiple choice 2
a movement along the aggregate supply curve to the right, indicating an increase in the quantity of real GDP supplied.
a movement along the aggregate supply curve to the left, indicating a decrease in the quantity of real GDP supplied.
a decrease in aggregate supply, shifting the aggregate supply curve to the left.
an increase in aggregate supply, shifting the aggregate supply curve to the right.
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