Which of the following statements about the Social Security (OASDI) program is FALSE?
A) Benefits are paid to individuals who would be financially secure in their absence.
B) Benefits are based on need.
C) Benefits are an intergenerational transfer program from those who work to those who don't work.
D) When an insured worker dies, benefits continue for widows or other dependents.
B
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Structural unemployment is:
A. short-term unemployment that is associated with the process of matching workers with jobs. B. the extra unemployment that occurs during periods of recession. C. long-term and chronic unemployment that exists even when the economy is producing at a normal rate. D. the additional unemployment not captured in official statistics resulting from discouraged workers and involuntary part-time workers.
Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
The principle of comparative advantage applies to
a. individuals only. b. business firms only. c. nations only. d. individuals, businesses, and nations.
If production of a good creates beneficial externalities, a perfectly competitive market will produce
a. less output than would maximize profit. b. more output than would maximize profit. c. less output than is socially efficient. d. more output than is socially efficient.