With the U.S. Social Security System, the burden of funding the system rests on:
A. the Social Security Administration.
B. the current workers.
C. the retirees.
D. the federal government.
Answer: B
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If penalties are imposed on the sellers of illegal goods or services, then the equilibrium price ________ and the equilibrium quantity ________
A) rises; increases B) rises; decreases C) falls; increases D) falls; decreases
Refer to Figure 15-2. In the figure above, the movement from point A to point B in the money market would be caused by
A) an open market sale of Treasury securities by the Federal Reserve. B) a decrease in real GDP. C) an increase in the price level. D) a decrease in the required reserve ratio by the Federal Reserve.
Which of the following would shift the FE line to the left?
A) A beneficial supply shock B) A decrease in labor supply C) An increase in consumer spending D) An increase in the money supply
Which of the following statements is TRUE of external costs?
A) External costs should not be corrected since people will bear the costs whether they are corrected or not. B) There are no good ways to correct for the external costs. C) When external costs exist, the price of the good will be deceptively low leading to an overallocation of resources. D) External costs should only be corrected for if the correction will not increase the market price.