What is the difference between the public sector and the private sector in a country? How is the size of the public sector measured?
What will be an ideal response?
The public sector refers to government delivery of goods and services such as Social Security in the United States, while the private sector refers to all economic activity undertaken outside the purview of the state, by individuals or private corporations. The overall size of the public sector is measured as the amount of economic activity the state undertakes through taxing and spending on government programs relative to the total amount of activity in an economy.
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Fill in the blank with the right word.
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A) 24 B) 8 C) 16 D) 38 Fill in the blank with the correct answer.
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Indicate whether the statement is true or false
______ benefits occurs when Social Security benefits are adjusted to retain approximately constant purchasing power.
Fill in the blank(s) with the appropriate word(s).