Which of the following is part of the U.S. economy's safety net?
A. Church-affiliated soup kitchens
B. National Sisters of the Poor Welfare Agency
C. Social Security
D. Blue Cross and Blue Shield
Answer: C
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The government collects tax revenue of $100 million and has $105 million in outlays. The budget balance is a
A) surplus of $5 million. B) deficit of $5 million. C) surplus of $105 million. D) deficit of $105 million. E) surplus of $100 million and a deficit of $105 million.
Which of the following would an economist classify as capital?
a. 100 shares of Microsoft stock. b. $50 bill. c. credit card. d. lawyer's personal computer.
An important variable that is left out of economic models is
a. implicit costs. b. excess profits. c. entrepreneurship. d. the opportunity cost of resources.
For any pair of nations and goods, if each country has an absolute advantage in the production of one product, it is reasonable to expect that specialization and trade will benefit both countries.
Answer the following statement true (T) or false (F)