Contributions to and payments from Social Security
a. represent transfers from the young to the elderly
b. represent transfers from the elderly to the young
c. are voluntary
d. represent transfers from high-income to low-income people
e. are part of the government's public goods purchases
A
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Total profit is maximized where
A. MR = MC. B. marginal profit is zero. C. the slope of the marginal profit curve is zero. D. All of the responses are correct.
The maximin criterion can be defined as which of the following?
a. One seeks the maximum of the minimum payoffs to the various available strategies. b. One seeks the minimum of the maximum losses among the various available strategies. c. One seeks the maximum of the minimum losses to the various available strategies. d. One seeks the maximum of the maximum gains of the various available strategies.
To answer the "HOW" to produce question, society should:
A. Use all the available labor. B. Maximize the quantity of all resources used. C. Find an optimal method of producing goods and services. D. Attempt to produce a combination of goods and services beyond the production possibilities.
Which of the following is the most complete form of economic integration?
A) Free trade area B) Customs union C) Common market D) Economic union