Social Security is described as a
a. voluntary system because people freely voted for it
b. age-based premium system
c. employer-based premium system
d. pay-as-you-go system
e. system whose revenues are generated from sales tax
D
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If a community spends more than the amount a categorical grant requires, the effect is _____
a. the same as a general grant b. better than a general grant c. worse than a general grant d. impossible to determine given the available information
If France is capable of producing either cheese or wine or some combination of those two products, then France should:
A. produce the one it is more efficient at producing. B. produce the one for which it has a comparative advantage. C. produce the one for which it has a higher opportunity cost. D. remain self-sufficient if it has the absolute advantage in the production of both.
Who said this: "The most hated sort, with the greatest reason, is usury, which makes a gain out of money itself, and not from the natural objects of it. For money was intended to be used in exchange, but not to increase at interest…of all modes of getting wealth this is the most unnatural."
A. Aristotle B. Moses C. Benjamin Franklin D. Frank Knight
If an industry has a Herfindahl index of 3,000, the contestable market model probably would predict that the industry would be more likely to have a:
A. competitive price. B. monopolistic price if there are no barriers to entry. C. competitive price if there are no barriers to entry. D. monopolistic price.