Income security expenditures include
A. Medicare, Social Security, and unemployment compensation.
B. Social Security and disability benefits, but not Medicare.
C. unemployment compensation, disability benefits, and Medicare, but not Social Security.
D. transfer payments to the disadvantaged, but not transfer payments to the elderly.
Answer: A
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When the price per ticket is P*, there are empty seats at a university’s basketball arena. From this, we can conclude that
A. P* is greater than the equilibrium price. B. P* is less than the equilibrium price. C. P* is the equilibrium price. D. it’s not possible to determine anything about the equilibrium price with this information.
The shortage created by a price ceiling will likely be
A) smaller if the good is a necessity. B) larger if the good is addictive. C) smaller if the good is a luxury. D) unaffected by the time that has elapsed since the price ceiling is implemented. E) None of the above answers is correct.
In the sequential version of a game using the same players, the same strategies, and the same possible outcomes as the original game, the equilibrium
A) may be different than in the original game. B) must be different than in the original game. C) will be the same as in the original game. D) is the same as the cooperative version of the original game. E) is the same as the noncooperative version of the original game.
If the government legislates a price ceiling that is above the equilibrium price
A. a shortage will develop. B. some non-price method of rationing will develop. C. market price and quantity sold will be unaffected. D. a surplus will develop.