Which of the following statements is correct?
A) The Social Security program funnels transfers from retired individuals to the youngest children of low-income families.
B) Social Security is an entitlement which is available to everyone, including those who have not contributed to the fund during their active work years.
C) Social Security benefits are received by people who had contributed to the fund during their active work years.
D) As a public transfer payment, Social Security benefit is available only to the poor.
Answer: D) As a public transfer payment, Social Security benefit is available only to the poor.
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When Americans increase their demand for Japanese goods,
A) the supply of dollars will fall, and the demand for yen will fall. B) the supply of dollars will rise, and the demand for yen will rise. C) the demand for dollars will fall, and the demand for yen will rise. D) the demand for dollars will rise, and the demand for yen will rise.
The North American Free Trade Agreement
a. is an example of the unilateral approach to free trade. b. eliminated tariffs on imports to North America from the rest of the world. c. reduced trade restrictions among Canada, Mexico and the United States. d. All of the above are correct.
There is an inverse relationship between the amount of labor supplied and real wages
Indicate whether the statement is true or false
Deadweight costs in an exchange are costs
A) charged for free goods. B) imposed by government, such as taxes or safety requirements. C) that have no effect on either the quantity demanded or the quantity supplied. D) that have nothing to do with the sacrifice of valuable opportunities. E) to the buyer that are not simultaneously benefits to the seller.