Which of the following are entitlements?
A. Social Security
B. Medicare
C. defined contribution programs
D. Medicare and Social Security
Answer: D
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Answer the following statements true (T) or false (F)
1. Monopsony is a market condition in which there is only one seller. 2. A bilateral monopoly is a circumstance where only one seller and only one buyer exist in a market. 3. The market structures of perfect competition and monopoly are polar extremes. 4. A bilateral monopoly has a single buyer on one side of the market and a single seller on the other side. 5. In second degree price discrimination, each customer is charged a different price.
Average fixed cost: a. can be calculated by dividing total fixed cost by the level of output produced
b. can be graphed as a horizontal line, with dollars on the vertical axis and quantity on the horizontal axis. c. decreases as output increases. d. is characterized by both a. and c.
______ is the percentage change in hours worked divided by the percentage change in wages—will determine the shape of the labor supply curve.
a. Elasticity of savings b. Cross-price elasticity of demand c. Income elasticity of demand d. Wage elasticity of labor supply
In the negative income tax framework, a break-even point of $16,000 and a tax rate of 25 percent imply a guarantee of which of the following figures?
A. $4,000 B. $8,000 C. $12,000 D. $16,000