An employer retirement plan that provides a predetermined monthly amount of income when you retire is called a
A. defined contribution plan.
B. defined benefit plan.
C. 401(k) plan.
D. Social Security plan.
Answer: B
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The price of a shirt is $20. Charlie can produce a shirt at a marginal cost of $10, Mac can produce a shirt for $18, and Dennis can produce a shirt for $22
For a shirt, Deandra has a marginal benefit of $25, Frank has marginal benefit of $20, and Artemis has a marginal benefit of $18. Which of the following statements is correct? A) The sum of consumer surplus is $5 and the sum of producer surplus is $12. B) The sum of consumer surplus is $12. C) Only Frank and Artemis will purchase a shirt. D) Only Dennis will produce a shirt. E) The sum of producer surplus is $10.
When total utility is at a maximum, marginal utility is
a. zero b. positive c. negative d. one e. infinite
Which of the following rules is satisfied when a monopoly maximizes profits?
A. Price < MC. B. MR = MC. C. Price = AVC. D. MR > MC.
If the nominal interest rate in an economy is 6%, and the rate of inflation in the economy is 4%, the real interest rate in the economy is:
A) 2%. B) 24%. C) 1.5%. D) 10%.