he Social Security Program began during the administration of
A. Franklin D. Roosevelt.
B. Harry S. Truman.
C. Dwight D. Eisenhower.
D. John F. Kennedy.
A. Franklin D. Roosevelt.
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Producer surplus is the difference between the
A) price and the willingness to pay for the good. B) price and the marginal cost of producing the good summed over the quantity sold. C) willingness to pay for the good and the marginal cost of producing the good summed over the quantity sold. D) marginal benefit of consuming the good and the marginal cost of producing the good summed over the quantity sold.
One cost of a perfectly anticipated inflation is that it
A) transfers wealth from lenders to borrowers. B) transfers wealth from borrowers to lenders. C) increases menu costs. D) damages the role of prices as signals in the economy.
The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
Trade restrictions can prevent purchasing power parity from holding because:
A. they can add costs to the selling price because they add to the seller's cost. B. the time and energy of importation paperwork can add to the cost of the good sold. C. tariffs can add to the cost of the good sold. D. All of these statements are true.