The solvency of Social Security can be extended if
A. the trust fund invests in private corporate securities.
B. the tax rate is reduced.
C. the retirement age is reduced.
D. the cap on taxable earnings is lowered.
Answer: A
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A monopoly is a firm that produces a good or service for which no close substitute exists
Indicate whether the statement is true or false
Which firm did the Treasury allow to fail during the financial crisis?
A) J.P. Morgan B) Bear Stearns C) Lehman Brothers D) American International Group (AIG)
Several years ago, Alcoa was effectively the sole seller of aluminum because the firm owned nearly all of the aluminum ore reserves in the world. This market was not perfectly competitive because this situation violated the:
A) price-taking assumption. B) homogeneous product assumption. C) free entry assumption. D) A and B are correct. E) A and C are correct.
According to the graph shown, at point C the firm is earning:
A. higher profits than at point B, and they should produce more.
B. fewer profits than at point B, and they should produce more.
C. fewer profits than at point B, and they should produce less.
D. higher profits than at point B, and they should produce less.