Explain how the Supplemental Security Income Program works
What will be an ideal response?
The SSI is designed to take care of the elderly who end up very poor and have no, or very low Social Security entitlement. The program has no trust fund and is thus funded out of general tax revenues.
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Robert left a law firm to begin his own catering business. Robert’s salary at the law firm was $100,000. He put $40,000 of his own funds into the business to purchase cooking equipment. His funds were previously earning 10 percent per year. The cost of operating the business including food and supplies was $60,000. Robert’s catering firm earned $170,000 in revenues for the first year. Robert’s brother insists that he should go back to the law firm, since he was making $100,000 there. Robert says his brother is wrong. Robert is right because
A. he is making $6,000 in economic profits. B. he is making $110,000 in accounting profits. C. he is making $106,000 in economic profits. D. he likes cooking.
A "near money" is an asset that can be
a. indistinguishable from commodity money. b. spent easily. c. a close substitute for money. d. only issued by a bank.
Given that GDP is a measure of what is produced in a country, explain how the expenditure approach can measure GDP. How are items produced, but not yet sold, accounted for in the expenditure approach?
If a government has a budget surplus, then public saving
a. is positive and increases national saving. b. is positive but decreases national saving. c. is negative and decreases national saving. d. is negative but increases national saving.