Which of the following factors has negatively impacted the viability of the pay-as-you-go Social Security system?
a. Each generation is living longer and thus collecting more benefits.
b. The "baby boom" after WWII greatly increases the number of retirees in the first few decades of this century.
c. Individuals are having fewer children today.
d. all of the above
e. a and b
d
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The law of supply reflects the negative relationship between the price of a good or service and the quantity of that good or service that sellers are willing to offer for sale
Indicate whether the statement is true or false
John has a marginal benefit of $7 for 1 slice of pizza, $5 for a second slice, $3 for a third slice, $1 for a fourth slice, and $0.50 for a fifth slice. The price of pizza is $1.50 per slice. Which of the following statements is correct?
A) John will purchase 3 slices of pizza and have consumer surplus of $10.50. B) John will purchase 4 slices of pizza and have consumer surplus of $12.00. C) John will purchase 2 slices of pizza and have consumer surplus of $1.50. D) John will purchase 3 slices of pizza and have consumer surplus of $4.50. E) John will purchase 2 slices of pizza and have consumer surplus of $3.00.
The main reason(s) why governments sometimes chose to devalue their currencies is (are)
A) devaluation makes domestic goods more expensive in relation to foreign goods. B) devaluation makes domestic services more expensive in relation to foreign services. C) devaluation increases foreign reserves held by the central bank. D) devaluation improves the current account and increases foreign reserves held by the central bank. E) devaluation hurts foreign currencies.
Which of the following would be expected if the tariff on foreign-produced shoes were decreased?
a. The domestic price of shoes would fall. b. The supply of foreign shoes to the domestic market would decline, causing shoe prices to rise. c. The number of unemployed workers in the domestic shoe industry would decline. d. The demand for foreign-produced shoes would decrease, causing the price of shoes to increase in other nations.