The Social Security system works exactly like any private retirement trust system
a. True
b. False
Indicate whether the statement is true or false
False
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In a perfectly competitive industry, the price of good A is $2 . If a firm in this industry decides to increase its price to $2.50, it will:
a. realize an increase in profit of $0.50 per unit output. b. be able to increase the quantity sold of good A. c. be unable to sell any quantity of good A that is produced. d. lose some of its customers in the market. e. experience a decrease in profit of $0.50 per unit output.
At equilibrium, quantity demanded equals quantity supplied.
Answer the following statement true (T) or false (F)
Refer to the accompanying figure. If the market for doughnuts is perfectly competitive, and the price of a doughnut is 10 cents, then this firm:
A. should shut down. B. will earn an economic loss. C. should produce 50 doughnuts. D. should shut down in the long run.
Discuss the problems with policies to limit catch size and the use of the total allowable catch (TAC) policy
What will be an ideal response?