Self-Interest

question 92

Multiple Choice

Self-interest

• A) occurs only when wants exceed available resources.
• B) reflects choices that are best for society as a whole.
• C) reflects choices that are best for the individual who makes them.
• D) cannot be used to determine how goods are produced.
• E) has nothing to do with determining what goods are produced

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Definitions:

Social Security Tax

Taxes collected to fund the Social Security program, providing benefits for retirees, the disabled, and children of deceased workers.

Federal Income Tax

A tax levied by the United States Internal Revenue Service on the annual earnings of individuals, corporations, trusts, and other legal entities.

Federal Unemployment Tax

This is a tax paid by employers based on the wages paid to employees, intended to fund state workforce agencies.

Employer's Payroll Tax

Taxes that employers are required to pay on behalf of their employees, such as social security and Medicare taxes in the United States.