The Social Security Trust fund actually has no money in it and is filled with IOUs. Does this information impact your thinking regarding Social Security?
What will be an ideal response?
It should, if it had not before. The Trust Fund concept needs to be replaced with a system
where the money is not available for any other purpose. If not, contributors should expect
higher tax rates and probably lower levels of services.
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The marginal cost of production that is borne by the entire society is called the marginal
A) private cost. B) social cost. C) external cost. D) public cost. E) user cost.
Which of the following is true about price elasticity of supply?
A) Price elasticity of supply = Percentage change in quantity supplied / Absolute change in price B) Price elasticity of supply = Percentage change in quantity supplied / Percentage change in price C) Price elasticity of supply = Percentage change in quantity supplied × Absolute change in price D) Price elasticity of supply = Percentage change in quantity supplied × Percentage change in price
The notion that regulated industry members themselves, sooner or later, are able to control regulatory bodies is referred to as
A) consumerism. B) cartelization. C) the capture theory. D) the control theory.
When marginal product __________ average product, average product must be ______________.
A. is greater than; increasing B. is greater than; decreasing C. is less than; increasing D. Any of these is possible.