"Unfunded liability" refers to a government commitment to:
A. Not pay the government bonds that are coming due
B. Spend in the future without also committing to collect enough tax money to pay for it
C. Support the retirement funds of businesses who have gone bankrupt
D. Put money in specific mutual funds in order to vouch for the funds' liabilities
B. Spend in the future without also committing to collect enough tax money to pay for it
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If the demand for its product is elastic, a monopoly's
A) total revenue is unchanged when the firm lowers its price. B) total revenue decreases when the firm lowers its price. C) marginal revenue is positive. D) marginal revenue is zero.
Consumers' preferences are represented by
A) budget lines. B) indifference curves. C) relative prices. D) household income.
If we assume perfect information, perfect mobility of resources, and no transactions costs, then there is little need for firms
a. True b. False
Why are so few state chartered banks members of the Federal Reserve System?
What will be an ideal response?