Since the Social Security benefits of retirees are a function of the taxes paid by others, it is easy to predict that _____
a. older voters are likely to vote against higher taxes in exchange for higher benefits
b. older voters are likely to vote for higher taxes in exchange for higher benefits
c. older voters will be indifferent between higher taxes and higher benefits
d. older voters will generally not get what they want
b
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Refer to the figure above. This is an example of a(n) ________
A) zero-sum game B) prisoners' dilemma C) extensive-form game D) payoff matrix
The money supply curve is vertical if
A) the Fed is able to completely determine the money supply. B) banks and households determine the money supply. C) banks and the Fed jointly determine the money supply. D) households and the Fed jointly determine the money supply.
Which of the following activities, if any, represents an external cost? a. The reduction in the incidence of chicken pox when children are inoculated against the disease. b. The damage to a person's health from secondhand smoke
c. The increase in local property values when the city creates a neighborhood park. d. The price you pay for the prime rib that you consume at a local restaurant.
The demand curve for loanable funds is downward sloping because
a. people save more at higher interest rates. b. more investments are profitable at low interest rates than at high interest rates. c. future income is more valuable now at higher interest rates than at low interest rates. d. usury laws increase the quantity of funds demanded at low interest rates but do not affect the quantity of funds demanded at high interest rates.