The Social Security System in the U.S. is best described as a:
A. defined contribution plan.
B. defined benefits plan.
C. pay-as-you-go system.
D. employer funded plan.
Answer: C
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The relatively low rate of inflation coupled with a low unemployment rate that occurred in the 1990s represented a “normal” economic situation.
Answer the following statement true (T) or false (F)
The difference between the value of a country's merchandise exports and merchandise imports is known as the balance
a. of payments. b. of merchandise trade. c. on current account. d. on capital account.
You go on vacation to Mexico and take $1,000 with you. During your time in Mexico, the peso appreciates in value relative to the dollar. It follows that
A) you will be able to buy more goods and services in Mexico after the peso appreciates. B) you will be able to buy fewer goods and services in Mexico after the peso appreciates. C) the purchasing power parity theory is incorrect. D) Mexican workers, paid in pesos, will be able to buy fewer goods and services in Mexico after the peso appreciates.
Refer to the data. What level of total utility does the rational consumer realize in equilibrium?
Answer the question on the basis of the following total utility data for products L and M. Assume that the prices of L and M are $3 and $4 respectively and that the consumer's income is $18.
A. 87 utils.
B. 104 utils.
C. 51 utils.
D. 58 utils.