An extra dollar into the Social Security trust fund _____
a. increases the assets of the federal government by a dollar
b. decreases the assets of the federal government by a dollar
c. has no impact on the assets of the federal government
d. speeds up the time until insolvency of the trust fund
c
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Suppose the demand for macaroni is inelastic, the supply of macaroni is elastic, the demand for cigarettes is inelastic, and the supply of cigarettes is elastic. If a tax were levied on the sellers of both of these commodities, we would expect that the burden of
a. both taxes would fall more heavily on the buyers than on the sellers. b. the macaroni tax would fall more heavily on the sellers than on the buyers, and the burden of the cigarette tax would fall more heavily on the buyers than on the sellers. c. the macaroni tax would fall more heavily on the buyers than on the sellers, and the burden of the cigarette tax would fall more heavily on the sellers than on the buyers. d. both taxes would fall more heavily on the sellers than on the buyers.
A standardized product is a product
A. where the demand function is downward sloping for both the firm and the industry. B. that is unique to one producer. C. which is produced according to government regulations. D. that has many perfect substitutes.