An example of a social insurance program offered in the United States is:
A. Progressive taxation.
B. Social Security.
C. Police and Firefighters.
D. All of these are examples of social insurance programs.
Answer: B
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The gap between potential GDP and real GDP had been as large as 7 percent during the worst of the 2007-2009 recession. By 2015, the gap
A) was positive, with real GDP exceeding potential GDP. B) had been eliminated. C) remained at 7 percent. D) was still nearly 3 percent.
All of the following are arguments in favor of restricting trade EXCEPT
A) comparative advantage. B) protecting domestic jobs. C) protecting emerging industries. D) dumping.
For a country in autarky, the opportunity cost of the good on the horizontal axis is the same as
A) the relative price of the good on the vertical axis. B) the relative price of the good on the horizontal axis. C) the opportunity cost of the good on the vertical axis. D) the nominal price of the good on the horizontal axis.
Behavioral economists examine choices that consumers make that are not economically rational. Economists generally assume that people are rational; that is, they weigh the benefits and costs of an action and choose an action only if the benefits outweigh
the costs. Why do consumers not act rationally when the result is that they make themselves worse off? What will be an ideal response?