The Social Security System of 1935 was flawed from the beginning. It left old-age pensions in the control of the states. Two examples include workers' and unemployment compensation
Indicate whether the statement is true or false
True
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On the modern Phillips curve, the initial impact of an increase in the world price of steel is shown by ________
A) an upward movement along the Phillips curve to a higher inflation rate B) an upward shift of the Phillips curve leading to higher inflation rates for any unemployment rate C) a downward shift of the Phillips curve leading to lower inflation rates for any unemployment rate D) a downward movement along the Phillips curve to higher unemployment rates E) none of the above
A firm will hire additional units of any input up to the point where:
a. the marginal productivity of the input is maximized. b. the marginal cost of employing the input is minimized. c. the expense of employing the last unit is equal to the revenue brought in by the last unit. d. the revenue brought in by the input is maximized.
The Antitrust Division of the Department of Justice carefully scrutinizes mergers. Why?
What will be an ideal response?
Last month, Sally spent $3,000 in repairing her old car. Now her car requires an additional $2,000 in repairs. She could get a comparable car for $2,500 . She should
a. repair her car because the money she has already spent repairing the car ($3,000 . exceeds the price of the new car ($2,500) b. buy a new car because sunk costs should be ignored in decision making c. buy a new car because the price of the new car ($2,500) is less than the total amount she would spend on her current car ($5,000) d. repair her car since the cost of repairing it is lower than the cost of buying another car e. repair the car or buy a comparable one because the opportunity costs are the same