During the 1980s, assets in the Social Security system fell so low they covered less than two months o f benefit payments
a. True b. False
a
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If domestic saving exceeds investment, there will be a current account surplus
Indicate whether the statement is true or false
If a perfectly competitive firm is a price taker, then _____
a. pressure from competing firms will force it to accept the prevailing market price b. it will be a relatively large player compared to its competitors in the overall market c. it will increase or decrease its output to vary the total quantity supplied in the market d. quality differences will be very perceptible and will play a major role in consumers' decisions
Policymakers are discussing various proposals regarding how to deal with natural monopolies. Senator Huff wants to regulate natural monopolies by equating price with average total cost. Huff contends that such a policy will ensure that monopolies make every effort to reduce costs. Senator Puff wants the government to own natural monopolies. Puff argues that government-owned monopolies usually do
a better job of holding down costs than privately owned monopolies. Which senator's argument is correct? a. Senator Huff b. Senator Puff c. both senators d. neither senator
Refer to the graph shown. When price rises from $30 to $40:
A. lost revenue is represented by areas C and E and gained revenue is represented by area A. B. gained revenue is represented by areas B, C, D, and E and lost revenue is represented by area A. C. gained revenue is represented by areas C and E and lost revenue is represented by area A. D. lost revenue is represented by areas B, C, D, and E and gained revenue is represented by area A.