Economists talk about a four-legged stool of retirement income, which includes all of the following sources of income EXCEPT
A. employer retirement plans.
B. individual savings.
C. Social Security benefits.
D. funding provided by charitable organizations.
Answer: D
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A player that starts at the end of the game and progresses to the first move to determine best responses
A) doesn't understand how to play a game. B) is acting irrationally. C) is using backward induction. D) is using the Stackelberg Strategy.
If x causes y, then
a. x and y are inversely related b. y is a dependent variable c. other variables don't matter d. y must, in turn, cause x e. x and y are always in a direct relation to each other
Raising taxes as an element of discretionary fiscal policy is intended to reduce aggregate demand, but it can also reduce aggregate supply if
a. the higher taxes lead workers to seek out a second job. b. the higher taxes cause workers to work less. c. the government purchases goods with the additional revenue. d. the government uses the additional revenue to retire some of the federal debt. e. the higher taxes cause people to save less.
If a good has an absolute price elasticity of 4, the demand for the good is
A. unit elastic. B. inelastic. C. perfectly elastic. D. elastic.