The social insurance provided by the government is insurance against
a. floods, hurricanes, and other natural disasters
b. loss of funds in private pension programs
c. sizable income losses when people retire or when they become disabled or unemployed
d. loss of value of stocks and bonds when corporations go bankrupt
e. loss of funds in private pension plans, retirement annuities, and unemployment
C
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When the economy enters into a recession, your employer is ________ to reduce your wages because ________
A) likely; aggregate demand is vertical in the long run B) unlikely; lower wages reduce productivity and morale C) likely; output prices always fall during recession D) unlikely; output and input prices generally fall during recession
The general form of the production function used in Chapter 10 is
A) Y = A + F(K, N). B) Y = A - F(K, N). C) Y = AF(K, N). D) Y = A/F(K, N).
Suppose there are 100 million in the labor force, and 6 million unemployed people. During the next month, 200,000 people lose their jobs and 300,000 find jobs. The new total of employed is ________ and the new unemployment rate is ________
A) 100.1 million; 5.8 percent B) 100 million; 6.1 percent C) 94.1 million; 5.9 percent D) 93.9 million; 6.1 percent
The difference between the maximum price the consumer is willing to pay and the price the consumer actually pays for a product is referred to as: a. market surplus
b. market shortage. c. consumer surplus. d. producer surplus.