Which of the following statements about Social Security is FALSE?
A. Social Security is the single largest source of income for American adults aged 65 and over.
B. Employers do not make any contribution to Social Security for employees unless the employer is the government, a government agency, or a government contractor.
C. Social Security benefits rise along with inflation.
D. Workers with low incomes will get back a higher percentage of their lifetime average income than higher-income workers.
Answer: B
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The quantity theory of inflation indicates that the inflation rate equals
A) the growth rate of the money supply minus the growth rate of aggregate output. B) the level of the money supply minus the level of aggregate output. C) the growth rate of the money supply plus the growth rate of aggregate output. D) the level of the money supply plus the level of aggregate output.
If exchange rates are floating, an expansionary fiscal policy in the United States will cause the dollar to ________ relative to other currencies and cause net capital outflows to ________
A) appreciate; increase B) appreciate; decrease C) depreciate; increase D) depreciate; decrease
It can be argued that Thomas Malthus' An Essay on the Principle of Population statement that population growth will always outstrip food production has been discredited due to
A) increase in the world-wide farming population. B) less world-wide consumption of grains. C) improvement in technology of food production. D) increase in food processing facilities.
Economic analysis suggests that bureaucrats and public-sector managers have a strong incentive to
a. make sure that their budgets are as small as possible so more funds will be available for other government programs. b. expand their budgets to sizes beyond what would be considered economically efficient. c. ensure that their budgets are exactly the size that would be considered economically efficient. d. economize on their spending and return unspent funds to the general treasury.