The Social Security system was founded
A. as the United States began to recover from the Great Depression.
B. during the last years of the nineteenth century, as people who had once depended on having a family farm found themselves without a means of support.
C. during the Civil War, to pay pensions for veterans.
D. in response to concerns that arose during the high inflation of the 1970s.
Answer: A
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The federal funds market refers to the market where:
A) the Fed obtains loans of reserves from central banks of other nations. B) the federal government borrows overnight funds from the Fed. C) banks obtain loans of reserves from each other. D) there are no predetermined rates of interest on loans and the highest bidding borrower gets the loan.
In the figure above, if the quantity of yogurt produced increases from 2 gallons an hour to 3 gallons an hour, the opportunity cost of a gallon of yogurt in terms of ice cream is
A) half a gallon. B) 1 gallon. C) 3 gallons. D) 4 gallons.
Frictional unemployment best defined as
A. Deviation of unemployment from its natural rate B. Unemployment of people who do not want to work. C. Chronic unemployment due to wages not balancing supply and demand D. Unemployment due to individuals search for new job.
Brenda says, "You would have to pay me $50 to attend that pro wrestling event." For Brenda, the marginal utility of the event is:
A) zero. B) positive, but declines rapidly. C) negative. D) positive, but less than the ticket price.