As a result of the pay-as-you-go nature of Social Security financing, the continuation of benefit payments is dependent upon _____
a. new individuals entering the system
b. the current tax level
c. current economic growth rates
d. the Baby Boomer's decision on when to retire
a
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If people have a positive rate of time preference, they
a. must be rewarded for saving b. are willing to pay more for a good that saves them money if they hold on to it a long time c. prefer to consume in the future when things are cheaper d. prefer time deposits to savings accounts e. prefer leisure over labor
Maximizing revenue maximizes profits.
Answer the following statement true (T) or false (F)
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4Refer to Figure 2.4. The economy moves from Point A to Point D. This could be explained by
A. an increase in economic growth. B. a change in society's preferences for motorcycles versus hybrid cars. C. a reduction in unemployment. D. an improvement in technology.
Assume a society can produce either olives or grapes. If the marginal rate of transformation of bushels of olives into bushels of grapes is 0.2, then the opportunity cost of olives is
A. the 5 bushels of grapes that must be forgone. B. the additional 0.2 gallons of olives that can be produced. C. the 5 bushels of olives that must be forgone. D. the 0.2 bushels of olives that must be forgone.