Because people's wants are unlimited but resources are scarce,

a.only the rich get everything they want

b.social choices about what, how and for whom to produce must be made

c.there will be more goods produced than services

d.poor people never get anything they want

The average hourly earnings of private sector workers in 1995 was $10 compared to $7 in 1985.The CPI for 1995 was 125 assuming 1985 was the base year. Based on this information, which of the following is true?

a.The real wage fell by $1 between 1985 and 1995

b.The real wage was constant between 1985 and 1995

c.The real wage rose by $1 between 1985 and 1995

d.The real wage rose by $4 between 1985 and 1995

Which of the following is NOT an opportunity cost associated with the Laffer-Forbes proposal to provide an approximate $800 billion tax cut by suspending Social Security (payroll) taxes paid by employees and employers for 6-9 months?

a.Sending $800 billion to workers laid off during the pandemic (and presently unemployed) who are not paying the payroll taxes.

b.Providing $800 billion in loan or cash assistance to small businesses in hopes of keeping them afloat for the next 6-9 months.

c.Providing $800 billion to individuals to help pay for investments in education and training to improve their job skills and employment options.

d.The $800 billion of additional income received by eligible employers and employees paying the payroll tax.