Social Security is
A. a social insurance program that guarantees that an elderly person will never fall below the poverty level.
B. an insurance program operated by the federal government.
C. a retirement program that invests the person's contributions into interest-earning financial assets so the proceeds can fund the person's retirement.
D. an intergenerational transfer program that only vaguely relates to past earnings.
Answer: D
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John Maynard Keynes's central proposition that a dollar increase in disposable income would increase consumption, but by less than the increase in disposable income, means the marginal propensity to consume (MPC) is:
a. greater than or equal to one. b. equal to one. c. less than one, but greater than zero. d. negative.
The wages of house painters will tend to rise when...
What will be an ideal response?
An increase in demand, holding supply constant, will tend to cause:
a. Lower prices and a smaller quantity sold b. Lower prices and a larger quantity sold c. Higher prices and a larger quantity sold d. Higher prices and a smaller quantity sold
Suppose there are four buyers all considering purchasing round-trip airfare from Boston to Miami with the following price elasticities of demand for this purchase: Buyer A: 1.5, Buyer B: 0.7, Buyer C: 1.0, Buyer D: 2.3. If the airline knows of these elasticities and practices price discrimination, which buyer will pay the highest price for the airfare?
A. Buyer A B. Buyer B C. Buyer C D. Buyer D