Detailed studies indicate that, on balance, the Social Security retirement system
a. redistributes a substantial amount of income from the rich to the poor.
b. redistributes a substantial amount of income from whites to blacks.
c. is particularly advantageous to those with a shorter life expectancy.
d. is not particularly advantageous to the poor due to their shorter life expectancy.
D
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Price elasticity of demand measures
A) how responsive sales are to a change in buyers' incomes. B) how responsive quantity demanded is to a change in price. C) how responsive sales are to changes in the price of a related good. D) how responsive suppliers are to price changes.
The recognition time lag is the time that elapses between
A) when an economic problem manifests itself and it is officially acknowledged. B) the recognition of an economic problem and implementing policies to solve it. C) implementing policies to solve an economic problem and when the results of that policy can be measured. D) the beginning of the budgetary process and the final budget resolution.
Which of the following is a primary difference between price takers and price searchers that operate in markets with low barriers to entry?
a. The price searchers will maximize profits in the short run, but price takers will not. Price takers can only maximize profits in the long run. b. The price searchers will have to search for the price, while price takers will have to take the price determined in the market. c. The price searchers will be able to earn profit in the long run, but the price takers will not. d. The price searchers may be able to earn profit in the short run, but the price takers will not be able to do so.
The concept of relative poverty
A. leads to the concept of inequality. B. replaces the need for concepts of absolute poverty. C. is measured relative to the poverty line. D. is only relevant in low income countries.