Answer the following statements true (T) or false (F)
1. The portion of the public debt owed to foreigners does not represent any real economic burden to Americans because we received money from foreigners when we incurred the debt.
2. The Social Security program is a retirement system where payments to retirees come from their previous contributions.
3. When Social Security contributions have exceeded payouts in the past, the excess amounts were used to help finance the Federal government's budget deficits.
4. The Medicare trust fund is expected, if current flows continue, to be depleted within a couple of decades.
1. False
2. False
3. True
4. True
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What is the function of the epididymis?
A. To act as a passageway for sperm from the urethra to the penis B. To hold the testes C. To secrete testosterone D. To store sperm until they mature
The slope of the yield curve seems to predict the performance of the economy usually:
A. within a few weeks. B. with a one-year lag. C. with a 3-month lag. D. with a two-year lag.
In a market with information asymmetry, gains from trade occur if:
A) the value of the good to the seller is greater than its value to the buyer. B) the value of the good to the buyer is greater than its value to the seller. C) the variable cost of producing the good is zero. D) the opportunity cost of consuming the good is zero.
Which of the following is true at the point where diminishing returns set in?
a. Both marginal product and marginal cost are at a maximum. b. Both marginal product and marginal cost are at a minimum. c. Marginal product is at a maximum and marginal cost is at a minimum. d. Marginal product is at a minimum and marginal cost is at a maximum.