Social Security
A) has not been successful in reducing poverty among elderly Americans.
B) is a system whereby current retirees are paid from taxes collected from current workers.
C) has a greater number of workers per retiree today as compared to when it started.
D) currently pays retirees benefits equal to what they paid into the system.
Answer: B
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A rent ceiling set below the equilibrium rent
A) ensures the availability of enough low-rent apartments in a city. B) results in all renters and potential renters being better off. C) creates a situation in which the quantity demanded of housing is greater than quantity supplied. D) ensures that landlords earn a reasonable rate of profit on apartments. E) eliminates discrimination by landlords.
The Economic Freedom of the World measure indicates that the United States
a. was the freest economy in the world in 2010. b. has experienced a decline in economic freedom since 2000. c. has experienced an increase in economic freedom since 2000. d. continues to be substantially more free than Australia, Canada, and Chile.
Which of the following statements is likely to be made by an economist who does not believe in activist monetary policy? (1 ) The more closely monetary policy can he designed to meet the particulars of a given economic environment, the better. (2 ) Because of long and uncertain time lags, activist monetary policy may be destabilizing rather than stabilizing. (3 ) There is sufficient flexibility
in wages and prices in modern economies to allow the economy to equilibrate in reasonable speed at the natural level of Real GDP, (4 ) The "same-for-all-seasons" monetary policy is the way to proceed. (5 ) There is evidence that monetary policy in the mid-1970s caused a recession. A) (1), (2), and (3) B) (1), (4), and (5) C) (2), (3), and (4) D) (3), (4), and (5) E) (1 ) only
Stagflation refers to a situation in which the economy is experiencing:
A. high economic growth and high inflation. B. low economic growth and high inflation. C. high economic growth and low inflation. D. low economic growth and low inflation.