Every Necessity Is a Normal Good, but Not All Normal

question 9

True/False

Every necessity is a normal good, but not all normal goods are necessities.

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Definitions:

Medicare Taxes

These are taxes collected to fund the Medicare program, which provides healthcare benefits for eligible seniors and disabled individuals.

Employer Payroll Taxes

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

Federal Taxes

Taxes imposed by the federal government on income, sales, imports, and other activities.

Social Security Taxes

Compulsory payments made by employers and employees to fund the Social Security program, which provides retirement, disability, and survivorship benefits.