Social Security, officially known as Old Age and Survivors Insurance (OASI),
a. collects funds from current workers and invests them in order to provide these workers with a stream of income during the retirement phase of life.
b. is based on the same principles as private insurance programs.
c. is an intergenerational income transfer program.
d. is a voluntary savings program run by the government.
C
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Refer to Figure 16-2. What is the price charged in the two markets?
A) price in the student market = price in the non-student market = Pb B) price in the student market = Pc; price in the non-student market = Pe C) price in the student market = price in the non-student market = Pa D) price in the student market = Pd; price in the non-student market = Pe
In the short run,
a. higher productivity means higher cost. b. lower productivity means lower cost. c. lower productivity means higher cost. d. productivity and cost are unrelated.
A positive (non-zero) price for a good means there is a surplus of that good
a. True b. False Indicate whether the statement is true or false
Which of the following is an example of active fiscal policy?
a. Income tax revenues rise in an inflationary period. b. Income tax revenues fall in a recession. c. Congress passes a major tax increase in an inflationary period. d. Unemployment benefits increase in a recession.