The Social Security System
A) pays benefits to people which are directly related to how much they contributed during working years.
B) collects money from an individual and uses the accrued interest on those funds to pay the person's retirement benefits.
C) is based on a "pay-as-you-go" principle.
D) All of the above.
C
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Suppose a player can play 2 possible actions and has 5 possible decision nodes in a sequential game. Then he has 10 possible strategies he can play.
Answer the following statement true (T) or false (F)
Consumers and firms are known as price takers only if
A) no market exists to determine the equilibrium price. B) they can set the market price. C) they cannot unilaterally affect the market price. D) excess demand exists.
The statement "Households maximize utility" means that households
a. try to be as useful as possible to the economy b. are only interested in maximizing their earnings c. are assumed to buy useful things before they buy luxuries d. are only interested in acquiring material wealth e. are assumed to do what they think will increase their satisfaction
Real Foods produced 400,000 cans of diced tomatoes last year and 460,000 cans of diced tomatoes this year. It employed the same number of labor hours each year. Real Foods' productivity
a. decreased 13%. b. was unchanged. c. increased 13%. d. increased 15%.