What is the Social Security system?
What will be an ideal response?
The Social Security system is the federal system of social insurance
programs. It provides supplemental income for workers at retirement. The program also pays benefits to survivors of those who have paid into system.
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Goods whose income elasticities are negative are called
A) normal goods. B) superior goods. C) inferior goods. D) complements.
If government purchases increase and net taxes decrease, _____
a. the price level will fall b. money supply must rise c. the aggregate demand curve shifts leftward d. aggregate supply shifts rightward e. output and employment will increase
If the economy experiences an unplanned inventory accumulation at the full employment level of GDP, then the economy is in a(n)
a. inflationary gap. b. hyperinflation. c. recessionary gap. d. full employment gap.
Assume an economy with an upward-sloping aggregate supply curve and an MPC of 0.80. An increase in investment spending of $50 billion will most likely increase total income by
A. $200 billion. B. $40 billion. C. more than $200 billion. D. more than $50 billion but less than $250 billion.