Which of the following parts of Social Security was not part of the original program?
A. Benefits to widows
B. Benefits to orphans
C. Medicare
D. Retirement benefits
Answer: C
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Producer surplus equals
A) total revenue minus total variable cost. B) total revenue minus the sum of all marginal cost. C) profit plus fixed cost. D) All of the above.
The Nash equilibrium in a Bertrand game of price setting where all firms have different marginal cost is:
a. efficient because all mutually beneficial transactions will occur. b. efficient because of the free entry assumption. c. inefficient because some mutually beneficial transactions will be foregone. d. inefficient because of the uncertainties inherent in the game.
Markets fail when externalities are present
a. because all of the costs and benefits of producing a good are reflected in the market price b. because some of the costs and benefits of producing a good are not reflected in the market price c. only if they are negative; positive externalities are not market failures d. because profits are not maximized e. if the positive externalities are less than the negative externalities
Suppose the inflation rate in Zlanaga has shown an upward trend during the last five years, increasing from 5 percent to 10 percent. To combat inflation, the central bank of the country is likely to: a. lower the discount rate
b. decrease the reserve requirements. c. insure the deposits of customers. d. sell government bonds.