Social Security is
A) an insurance program operated by the federal government.
B) a retirement program that invests the person's contributions into interest-earning financial assets so the proceeds can fund the person's retirement.
C) a social insurance program that guarantees that an elderly person will never fall below the poverty level.
D) an intergenerational transfer program that only vaguely relates to past earnings.
D
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If inflation is highly volatile, money is:
A. less valuable because its unit of account function is reduced. B. more valuable because its unit of account function is reduced. C. more valuable because you need more of it. D. less valuable because there is less of it.
If tax policies become less favorable, then
A. The AD curve will shift to the left. B. The AD curve will shift to the right. C. There will be a movement to the right along the AD curve. D. The AD curve will not be affected.
A rational seller will sell another unit of output:
A. as long as the quantity demanded is greater than zero. B. if the cost of making another unit is less than the revenue gained from selling another unit. C. whenever the seller is earning a profit. D. if the seller can charge more than the equilibrium price.
Cindy's Car Wash has average variable costs of $2 and average fixed costs of $3 when it produces 100 units of output (car washes). The firm's total cost is
a. $100. b. $200. c. $300. d. $500.