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. As a public transfer payment, Social Security benefit is available only to the poor.
C. Social Security benefits are received by people who had contributed to the fund during their active work years.
D. Social Security is an entitlement which is available to everyone, including those who have not contributed to the fund during their active work years.
Answer: C
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Assume the central bank lowers the discount rate. What is the net effect on the unemployment rate (assume fixed exchange rates)? Answer assuming all the adjustments have worked their way through the macroeconomic system, and it is in equilibrium
a. The unemployment rate rises. b. The unemployment rate falls. c. The unemployment is not affected. d. The change in the unemployment rate depends on the degree of international capital mobility.
Lead is an important input in the production of crystal. If the price of lead decreases, then we would expect the supply of
a. crystal to be unaffected. b. crystal to decrease. c. crystal to increase. d. lead to increase.
It is often substantially cheaper to own and operate a used car rather than a new one because
A) the interest rate on a used car loan is generally lower. B) his is a trick question. All things considered, the cost per mile traveled is generally cheapest if you buy a new car every year. C) the depreciation cost for a new car will almost always be substantially higher. D) the maintenance cost of a new car is generally higher.
A firm with market power will maximize profit by hiring the amount of an input at which the
A. last unit of the input hired adds the same amount to total output as to total cost. B. additional output from the last unit of the input hired exceeds the additional cost of the last unit by the largest amount. C. additional revenue from the last unit of the input hired exceeds the additional cost of the last unit by the largest amount. D. last unit of the input hired adds the same amount to total revenue as to total cost.