The Social Security System includes three separate programs. They are
A. Disability Insurance, Medicare, and Temporary Assistance to Needy Families (TANF).
B. Old Age and Survivors Insurance, Medicare, and Unemployment Compensation.
C. Old Age and Survivors Insurance, Medicare, and Medicaid.
D. Old Age and Survivors Insurance, Disability Insurance, and Health Insurance.
Answer: D
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John is trying to decide whether to expand his business or not. If he continues his business as it is, with no expansion, there is a 50 percent chance he will earn $100,000 and a 50 percent chance he will earn $300,000. If he does expand, there is a 30 percent chance he will earn $100,000, a 30 percent chance he will earn $300,000 and a 40 percent chance he will earn $500,000. It will cost him $150,000 to expand. To make the best decision, John should compare:
A. the difference in expected earnings if he does or does not expand to the cost of expansion. B. the expected value of his earnings if he expands to the cost of expansion. C. the expected value of his earnings if he doesn't expand with the expected value of his earnings if he does expand. D. None of these statements is true.
When the price elasticity of demand is large, then
a. the product is more likely to be a necessity. b. the responsiveness of quantity demanded to a change in price is small. c. the percentage change in price divided by the percentage change in quantity demanded is large. d. the responsiveness of quantity demanded to a change in price is large.
Impulse control problems can arise when people:
A. discount the future too little. B. place too much weight on future costs and benefits. C. place too little weight on current costs and benefits. D. discount the future too heavily.
Which of the following is true about the marginal rate of substitution?
A. the change in the quantity of one good that just offsets a one unit change in the consumption of another such that the total satisfaction remains constant. B. positively related to the level of income. C. the additional satisfaction from consuming an additional unit of a good or service. D. the set of goods and services that are available to the consumer given his income.