A major difference between social insurance and public assistance is that the:
A. former is regarded as an earned right while the latter is public charity.
B. latter is regarded as an earned right while the former is public charity.
C. latter is financed through earmarked payroll taxes and the former is financed by general tax
revenues.
D. former are state and local programs while the latter are federal programs.
Answer: A
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
The exchange-rate arrangement that emerged from the Bretton Woods conference is often called a managed float standard
a. True b. False Indicate whether the statement is true or false
Deficits are created by governments running a large debt
a. True b. False Indicate whether the statement is true or false
When a clerk gives you a pair of jeans for your $50 bill, money is serving which function?
A. Medium of exchange B. Unit of account C. Store of wealth D. Store of real assets