The income transfers that a person receives from Social Security
A) is not related to the amount that they have contributed.
B) is a yearly proportion of the amount contributed.
C) is the same for everyone whether they contributed to the system or not.
D) depends entirely on the amount received from private pensions.
A
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Kim is participating in an auction in which bids are placed publicly and the price of the good being auctioned increases until there is only one standing bid. This is an example of a(n) ________
A) open outcry English auction B) open outcry Dutch auction C) sealed-bid first-price auction D) sealed-bid second-price auction
The price effect describes the situation when a monopolist lowers the price of output and, all else equal, total revenue
a. increases. b. decreases. c. is unchanged. d. is maximized.
Consider a game of the "Jack and Jill" type in which a market is a duopoly and each firm decides to produce either a "high" quantity of output or a "low" quantity of output. If the two firms successfully reach and maintain the cooperative outcome of the game, then
a. both the combined profit of the firms and total surplus are maximized. b. the combined profit of the firms is maximized but total surplus is not maximized. c. the combined profit of the firms is not maximized but total surplus is maximized. d. neither the combined profit of the firms nor total surplus is maximized.
Which of the following is an accurate statement about interest rates?
a. Increases and decreases in money supply have the largest effect on gross interest rates. b. Increases and decreases in money supply have the largest effect on real interest rates. c. When the short-term nominal interest rate changes, the long-term real interest rate often changes in the opposite way. d. When the short-term nominal interest rate changes, the long-term real interest rate often changes in the same way.