Paying into a pension fund while you are earning wages and salaries is equivalent to
a. borrowing money.
b. lending money.
c. withdrawing from a savings account.
d. paying off debt.
b
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In the above figure, what is the short-run equilibrium real GDP and the short-run equilibrium price level?
What will be an ideal response?
If an economist is trying to figure out, in a certain situation, “What would happen if?”, then that economist is working in the area of
a. normative economics. b. positive economics. c. the theory of the firm. d. welfare economics.
If, as an entrepreneur, I am earning accounting profits of $60,000 per year and the opportunity cost of my time is $50,000
A) I am earning economic profits of $10,000. B) I am earning economic profits of $60,000. C) I am earning economic losses of $10,000. D) I should close my business.
The Incentive Principle is an example of:
A. a normative economic principle. B. a positive economic principle. C. an economic decision-making pitfall. D. over-estimating the benefits of an action.