The Social Security tax structure in the United States is regressive in nature.
a. True
b. False
Indicate whether the statement is true or false
QUESTION 2Which of the following is a step that economists take in order to examine a real-world issue?
a. Determine the results that will occur if the market being considered is a controlled market
b. Look at the real-world results to see the similarities they hold with the results of a free market
c. Suggest remedies and policies to alter the results of a free-market
d. Suggest remedies or policies to alter the real-world result
e. Assume that the market transactions, in a real-world, is completely controlled by the government
QUESTION 3The amount of added utility that an individual derives from consuming one more unit of a good or service is called:
a. total utility.
b. marginal utility.
c. average utility.
d. diminishing utility.
QUESTION 4International regulation occurs at two levels, one in which a specific government regulates the activities of individual firms operating within the country, and another in which several nations are involved.
a. True
b. False
Indicate whether the statement is true or false
QUESTION 5What do you mean by the term 'free market'?
a. It refers to the process whereby buyers and sellers interact or trade under government regulation.
b. It refers to the process whereby buyers and sellers voluntarily interact or trade without any interference or restrictions.
c. It refers to a market where buyers and sellers pay for goods and services in kind and not in cash.
d. It refers to a market where assets are traded after they have been sold in the primary market.
e. It refers to a market where the demand for the product being traded is not affected by a change in the price of the product.
QUESTION 6As an individual consumes more of a given good or service, the marginal utility of that good to the consumer likely:
a. increases.
b. remains constant.
c. falls.
d. falls and then rises.
QUESTION 7The International Communication Network which is the successor of GATT settles trade disputes among its member countries.
a. True
b. False
Indicate whether the statement is true or false
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