The original objective of Social Security was
A. to prevent future depressions.
B. to provide retirement fund for all persons.
C. a proper response to the stock market crash of 1929.
D. to raise the nation's saving rate.
Answer: B
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Of the following, the most rapid rise in health care costs in the United States can be attributed to
A) the cost of malpractice lawsuit settlements. B) the cost of malpractice insurance. C) the cost to treat uninsured patients. D) slow growth in labor productivity in health care.
Compared to a tariff, an import quota, which restricts imports to the same amount as the tariff, will leave the country as a whole
A) worse off than a comparable tariff. B) not as bad off as a comparable tariff. C) about the same as a comparable tariff. D) Any of the above can be true.
Total producer surplus is the area below the equilibrium price and above the supply curve
a. True b. False Indicate whether the statement is true or false
Which of the following correctly explain Ricardian equivalence?
a. Government spending that is financed by borrowing has a smaller effect on the economy than government spending financed by raising taxes. b. Consumers do not base current spending on future expected tax liabilities. c. Government borrowing can function like increased current taxes, reducing current household and business expenditures. d. The government should balance its budget by equating revenue and expenditure in every fiscal year. e. Government spending does not crowd out private investment.