If a defined benefit pension cannot, for whatever reason, make good on the promises to retirees, the
A. retirees must sue their former employer.
B. pensions are paid by the Pension Guaranty Trust Corporation.
C. retirees are out of luck.
D. retirees get an extra payment from Social Security.
Answer: B
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If a firm's total revenue just covers its implicit and explicit costs of production, then
A. the economic cost of production exceeds total revenue. B. accounting profit is zero. C. economic profit is zero. D. total revenue exceeds the economic cost of production.
Which of the following statements regarding black markets is true?
a. The reliability of products sold in black markets is generally higher than the reliability of products sold in legal markets. b. The prices of goods in black markets are generally lower than the prices of similar products in legal markets. c. The laws of supply and demand do not affect the prices of goods exchanged in black markets. d. The rate of violence is higher in black markets than in legal markets.
A pollution tax would be preferable to a system of transferable permits when
a. The marginal costs of damages are steep and the marginal costs of pollution reduction are relatively stable b. The marginal costs of damages are steep and the marginal costs of pollution reduction are steep c. The marginal costs of damages are relatively stable and the marginal costs of pollution reduction are relatively stable d. The marginal costs of damages are relatively stable and the marginal costs of pollution reduction are steep e. The marginal costs of damages are elastic and the marginal costs of pollution reduction are also elastic
The “War on Poverty” was declared by President Ronald Reagan in 1982.
Answer the following statement true (T) or false (F)