What is the long-run financial problem for Social Security?
What will be an ideal response?
Social Security is largely a “pay as you go” system. In the past it has generated more revenues from payroll taxes on workers and employers (each paying 6.2 percent) than it pays out to retirees. The excess funds are used to purchase government securities and hold them in the Social Security Trust Fund. The accumulation of trust funds and projected future revenue from payroll taxes will not cover retirement benefits in the future. The trust fund is expected to be exhausted in 2033 and annual tax revenues will only cover 75 percent of the promised retirement benefits. Clear, there is insufficient funding to sustain the program in its current form into the future.
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What is deadweight loss and under what conditions does it occur?
What will be an ideal response?
_____________ is the distance between speakers
a. Artifacts b. Cybernetics c. Proxemics d. Calibrations
Given the information in Scenario 4.3, suppose that the price of erasers increases slightly from $10. How will this affect the total revenue collected by the firm?
A) Total revenue will increase. B) Total revenue will not change. C) Total revenue will decrease. D) There will be an indeterminate change in total revenue.
Which of the following people would be considered frictionally unemployed?
a. The President of the United States b. An elementary school student c. A lifeguard unemployed during the winter d. A high school graduate entering the labor market for the first time e. A person laid off from his job