Having a Social Security program makes people less inclined to save for their own retirement.
A. True
B. False
C. Uncertain
C. Uncertain
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If a firm wished to maximize total revenues it should produce where
a. marginal cost is zero. b. marginal revenue is zero. c. marginal revenue is equal to marginal cost. d. marginal revenue is equal to price.
When a new discount retailer, like Wal-Mart, opens a store, people save money. The CPI
a. completely ignores this b. accounts for every implication of this c. misses the reduction in what people pay when they shift but captures the effect from that point on. d. does not count sales at discount stores. e. misses the reduction in what people pay only for stores in mid-sized cities.
For a particular good, a 3 percent increase in price causes a 10 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good?
a. The relevant time horizon is short. b. The good is a necessity. c. The market for the good is broadly defined. d. There are many close substitutes for this good.
The supply schedule is a description of
A. the basis of calculating market price. B. the quantity demanded at a single price. C. the supply offered according to demand. D. the relationship between quantity supplied and market price.