Which of the following statements about Social Security is FALSE?
A. Social Security is an intergenerational transfer where the benefits paid are only roughly related to past earnings.
B. Benefit payments under Social Security are based on the recipient's need.
C. Over 90 percent of all employed workers in the United States are covered by Social Security.
D. Benefit payments under Social Security redistribute income from young to old.
Answer: B
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The adverse selection of wage cuts argument points out that:
a. employers will try to keep wages from falling when the economy is weak or the business is having trouble, and employees will not expect huge salary increases when the economy or the business is strong. b. the productivity of workers will increase if they are paid more, and so employers will often find it worthwhile to pay their employees somewhat more than market conditions might dictate. c. if an employer reacts to poor business conditions by reducing wages for all workers, then the best workers with the best employment alternatives at other firms are more likely to leave, while the least attractive workers, with fewer employment alternatives, are more likely to stay. d. those already working for firms are "insiders," while new employees, at least for a time, are "outsiders.".
Suppose an economy’s real GDP is $125 billion in year 1 and $130 billion in year 2. What is the growth rate of its GDP?
Please provide the best answer for the statement.
Refer to the figure. Consumer surplus before the $4 tax is ________, and consumer surplus after the $4 tax is ________.
Fill in the blank(s) with the appropriate word(s).
Slowdonia's current growth rate of real GDP per person is 2 percent a year. How long will it take to double real GDP per person?
A) half a year B) approximately 10 years C) 28.6 years D) 35 years