The Social Security system pays:
A. current retirees from funds paid by current employees.
B. retirees the money accumulated from the payroll tax collected throughout their working lives.
C. current retirees from current general government revenues.
D. current retirees from general government revenue surpluses they contributed to through taxes.
A. current retirees from funds paid by current employees.
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The lower the exchange rate, the cheaper are foreign-produced goods and services
Indicate whether the statement is true or false
One of the primary advantages of using econometrics over typical results from economic theory, is that
A) it potentially provides you with quantitative answers for a policy problem rather than simply suggesting the direction (positive/negative) of the response. B) teaching you how to use statistical packages C) learning how to invert a 4 by 4 matrix. D) all of the above.
Other things being equal, a decline in business taxes will cause investment to:
a. remain unchanged b. increase c. decrease d. to equal consumption
The dollar votes of consumers ultimately determine the composition of output and the allocation of resources in a market economy. This statement best describes the concept of:
A. derived demand. B. consumer sovereignty. C. the invisible hand. D. market failure.