Which of the following statements about the Social Security (OASDI) program is FALSE?
A. When an insured worker dies, benefits continue for widows or other dependents.
B. Benefits are based on need.
C. Benefits are an intergenerational transfer program from those who work to those who don't work.
D. Benefits are paid to individuals who would be financially secure in their absence.
Answer: B
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
To maximize utility, why does a consumer consume the combination of goods that equates marginal utility per dollar on the different goods rather than just equating the marginal utility of the different goods?
What will be an ideal response?
If consumers paid an amount for any good that reflected the value of the total benefits they receive from consuming it, then
a. consumer surplus would be at a maximum b. consumer surplus would be equal to zero c. total revenue would equal variable cost d. consumer surplus would equal producer surplus e. producer surplus would exceed consumer surplus
Refer to the information provided in Table 13.3 below to answer the question(s) that follow. Table 13.3Price ($)Quantity4.001003.502003.003002.504002.005001.506001.00700Refer to Table 13.3. If a monopoly faces the demand schedule given in the table and has a constant marginal and average cost of $1 per unit of providing the product, what is the level of output that would maximize its profits?
A. 200 B. 400 C. 500 D. 600