Restructuring social security benefits might stimulate economic growth; however, we must consider the cost of this action, which is
a. adequate benefits for everyone except those who originally needed social security
b. an increased burden on other social programs such as food stamps
c. a reduction in saving
d. a reduction in other governmental programs
e. a movement of the production function to the left
B
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The quantity demanded of a good or service is the amount that
A) a consumer would like to buy but might not be able to afford. B) is actually bought during a given time period at a given price. C) consumers plan to buy during a given time period at a given price. D) firms are willing to sell during a given time period at a given price.
Answer the following statement true (T) or false (F)
1) Dictators/proposers tend act more self-interested when playing the dictator game versus the ultimatum game. 2) The dictator and ultimatum games reveal that fairness and concern for others motivate people's behavior. 3) Results of the dictator and ultimatum games reveal that people act in equally self-interested ways, regardless of the context or rules of the game. 4) Behavioral economics demonstrates that the threat of rejection makes people less likely to engage in transactions.
When an economy is operating efficiently, which is TRUE?
A. All resources are fully employed. B. Resources are not fully employed or current technology is not being fully utilized. C. It would be possible to increase the output of 1 good without decreasing the output of the other. D. This economy is operating to the right of its production possibilities curve (PPC).
The Earned Income Tax Credit is
A. a non-refundable tax credit. B. a very simple program that is widely understood. C. only a small program and claimed by very few households annually. D. available only to low-income families.