It Is Mandatory for Both the Employer and Employee to Pay

question 133

Multiple Choice

It is mandatory for both the employer and employee to pay:

• A)FICA.
• B)SUTA.
• C)Employee income tax.
• D)Federal unemployment tax.

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Definitions:

Marginal Cost Curves

A graphical representation that shows how the cost of producing one more unit of a good or service varies as production increases.

Market Supply Curve

A graphical representation showing the total quantity of a good or service that suppliers are willing and able to sell at different prices.

Producer Surplus

The difference between the amount that producers are willing and able to sell a good for and the actual amount they receive in the market.

Economic Rent

Income derived from the possession of a unique resource, exceeding that which is needed to keep the resource in its current employment.