In 2016, Social Security and Medicare payments accounted for almost _____ of federal outlays
a. 7 percent
b. 25 percent
c. 15 percent
d. 38 percent
e. 52 percent
d
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Long-run economic rent or profit do not exist for fixed factors like land because
A) bidding drives up the price of the factor until no economic rent exists. B) there is no market for such factors. C) these factors have L-shaped isoquants. D) these factors will earn economic profits.
Which of the following checks issued by the government represents a transfer payment?
A) The federal government pays a defense contractor for development of a missile system. B) The federal government pays a retiree her Social Security benefits. C) The state of Oregon pays a construction firm for its work in repairing a state highway. D) The state of Illinois pays groundskeepers at the state capitol building their weekly wages.
Suppose society consists of four individuals: Andy, Bill, Carl, and David. Andy has $20,000 of income, Bill has $40,000 of income, Carl has $60,000 of income, and David has $80,000 of income. A utilitarian would argue that
a. taking $1 from Bill and giving it to Carl would increase society's total utility. b. taking $1 from Carl and giving it to Andy would increase society's total utility. c. taking $1 from Carl and giving it to David would increase society's total utility. d. taking $1 from Bill and giving it to David would increase society's total utility.
Mainstream economists focus on:
A. cultural and historical aspects of the market. B. the tensions among social classes. C. how the invisible hand achieves equilibrium through the market. D. political restrictions that provide rents to various groups.