Social Security taxes are
A) progressive because all workers pay the tax.
B) regressive because higher income workers pay taxes on a smaller percentage of their income.
C) proportional because everyone is charged the same percentage tax rate.
D) regressive because higher income workers don't pay the tax.
Answer: B
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In a particular year, if the real GDP of Country Y is $400,000 and the nominal GDP of Country Y is $450,000, the GDP deflator is ________
A) 115 B) 112.5 C) 102 D) 0.17
According to the World Bank, in 2006, China's GDP was approximately $2.7 trillion (or $2,700 billion). That same year, India's GDP was approximately $906.3 billion
With which of the following populations would China's standard of living have been considered higher than India's that year? A) China's population = 500 million; India's population = 125 million B) China's population = 8.3 billion; India's population = 1.1 billion C) China's population = 1.3 billion; India's population = 1.1 billion D) China's population = 3.5 billion; India's population = 1.1 billion