The funds paid to the government today for Social Security taxes are
A. saved to ensure sufficient resources in the future to pay the benefits of workers today when they reach retirement age.
B. invested to provide for the future benefits of the taxpayers.
C. used to pay the benefits of those who are currently retired.
D. used by the government to purchase goods and services that will enhance the future productivity of business in the country.
Answer: C
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Of the following, which is the best example of good with a perfectly inelastic demand?
A) the demand for gasoline B) the demand for tickets in New York City when the Mets or Yankees are in the World Series C) the demand for a college education by a student who has a full scholarship to an Ivy League school D) a diabetic's demand for insulin
Mercantilism
A) is the philosophy of free international trade. B) was a system of export promotion and barriers to imports practiced by governments, especially in the 17th and 18th centuries. C) was praised by Adam Smith in The Wealth of Nations. D) Both A and C.
If depositors lose confidence in their bank and immediately demand their money back, banks ________ pay all the depositors because ________ of their deposits are kept as cash reserve
a. would; all b. would not; all c. would; only a fraction d. would not; only a fraction
A numerical limit imposed by a government on the quantity of a good that can be imported into the country is called a
A) barricade. B) quota. C) tariff. D) quantity floor.