Social Security is structured as a pay-as-you-go system, meaning that payments to current retirees are paid
A) from taxes collected from retired workers.
B) as long as the government has funds available.
C) from taxes collected from current workers.
D) by the Federal Reserve from newly-printed money.
C
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The more certain private property rights are
A) the less people need to invest in education or human capital development. B) the more an economy must grow to maintain a certain living standard. C) the less entrepreneurship there will be. D) the more capital accumulation there will be.
Imagine Tom's annual salary as an assistant store manager is $30,000, he owns a building that rents for $10,000 yearly, and his financial assets generate $1,000 per year in interest. One day, after deciding to be his own boss, he quits his job, evicts his tenants, and uses his financial assets to establish a bicycle repair shop. To run the business, he outlays $15,000 in cash to cover all the costs involved with running the business, and earns revenues of $50,000. Has Tom made the best decision?
A. No, because he's earning an economic profit of -$6,000. B. Yes, because he's earning an accounting profit of $35,000. C. No, because his accounting profit is larger than his economic profit. D. Yes, because his accounting profit is larger than his economic profit.
Good X and good Y are substitutes. If the price of good Y increases, then the
a. demand for good X will decrease. b. quantity demanded of good X will decrease. c. demand for good X will increase. d. quantity demanded of good X will increase.
The demand for health care in the U.S. is quite price-inelastic because of the following reasons, except:
A. People consider health care as a luxury B. There are only a few, or no, substitutes C. Most consumers do not shop around, preferring a long-term relationship with their doctors D. Most patients have insurance, effectively removing their budget constraint for health care