The ratio of retirees to workers who make contributions to the Social Security system ________
A) has increased over the years
B) increased as a result of the baby boom following World War II, but has subsequently declined
C) has fallen with the decline in U.S. birth rates
D) determines the size of contributions to the system
A
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The long-run Phillips curve is
A) vertical. B) horizontal. C) upward sloping. D) downward sloping.
Economic models
A) are used to explain how people think. B) are used to explain how people behave. C) are essential representations of the real world. D) are never used for making economic projections or predictions.
Macroeconomics studies the determination of
a. total output, total employment, the general price level, and the general level of interest rates b. total output and the general level of interest rates only c. total employment and the general level of prices only d. the interaction of individual economic actors in specific markets and industries e. the levels of employment and prices in specific markets and industries
"The economic wealth of this country is primarily the result of the profit made by some individuals at the expense of others." The person who made this statement
a. has failed to comprehend that mutual gains result from specialization and exchange. b. has failed to comprehend the fallacy of composition. c. has failed to understand the significance of the production possibilities constraint. d. has utilized the economic way of thinking; the statement is essentially correct.