The Social Security program is like a private pension plan in that _____
a. it is a pay-as-you-go system
b. it is voluntary
c. benefits are a function of earlier contributions
d. you have a legal right to your benefits
c
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Given the information in the table above, if it is ascertained that Foreign uses prison-slave labor to produce its exports, then home should
A) export cloth. B) export widgets. C) export both and import nothing. D) export and import nothing. E) export widgets and import cloth.
If a monopolistically competitive firm's demand curve is shifting left, it will stop shifting when:
A. the price is equal to the firm's marginal cost. B. the price is equal to the firm's average total cost. C. the price is the same as what a perfectly competitive firm's price would be. D. there is no deadweight loss.
In which of the following situations would a worker have the greatest real income?
a. She receives a pay cut and her nominal wage falls by 5 percent, while the CPI falls by 20 percent. b. She receives a pay cut and her nominal wage falls by 5 percent, while the CPI increases by 10 percent. c. Her nominal wage remains the same, as does the CPI. d. She receives a raise and her nominal wage increases by 5 percent, while the CPI increases by 10 percent. e. She receives a raise and her salary increases by 5 percent, while the CPI falls by 5 percent.
Entry of new firms in monopolistically competitive industries can convey a negative externality on producers because firms lose customers and profits from the entry of new competitors. This externality is called the