Ultimately, the real burden of paying for Social Security benefits will be paid for by
A) taxes levied on workers.
B) Social Security trust fund bonds.
C) new federally issued Treasury bills.
D) a new tax levied on businesses.
Answer: A
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If the initial distribution of labor and capital is Pareto optimal, which of the following statements is TRUE?
A) It is possible to reallocate labor and capital across industries so as to increase the production of one good without decreasing the production of another good. B) It is possible to reallocate labor and capital across industries so as to increase the production of one good, but only by reducing the production of another good. C) It is possible to reallocate labor and capital across industries so as to increase the production of every good. D) none of the above
Conclusions about the misallocation of resources under conditions of monopoly depend, in part, on the crucial assumption that
A) monopolies are interested in economic profits and competitive firms are not. B) the monopolization of a perfectly competitive industry does not change the cost structure of the industry. C) the economies of scale exist only in perfectly competitive industries. D) the marginal cost curve of a monopolist is different from that of a perfectly competitive firm.
What is the shape of the average total cost curve for a firm in the short run?
A. U-shaped. B. A horizontal line. C. A vertical line. D. A curve that slopes upward to the right.
The currency crisis of 1992 caused France and a number of other countries to choose between
A) a single currency for the EU and keeping their own currency. B) doing the right thing for their domestic economy and defending the exchange rate. C) lowering interest rates and reducing unemployment. D) competitive devaluations and falling unemployment.