Social Security is
A) an insurance program operated by the federal government.
B) a retirement program that invests the person's contributions into interest-earning financial assets so the proceeds can fund the person's retirement.
C) a social insurance program that guarantees that an elderly person will never fall below the poverty level.
D) an intergenerational transfer program that only vaguely relates to past earnings.
Answer: D
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A) $960 B) $961.54 C) $996 D) $1,040
A perfectly competitive firm is selling 300 units of output at $4 each. At this output level, total fixed cost is $100 and total variable cost is $500. The firm
A) is maximizing its profit. B) is earning a profit, but not necessarily the maximum profit. C) is experiencing an economic loss. D) should shut down.
Which economic concept is the closest to the saying, "There's no such thing as a free lunch"?
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A person's portfolio of investments is the package of all the stocks, bonds, and other assets the person owns
a. True b. False Indicate whether the statement is true or false