The Social Security Program is designed to pay:
A. Current retirees using funds from their past contributions
B. Current retirees using funds from current contributions
C. The lower income groups using funds collected from high-income groups
D. Older current workers using funds from younger current workers
B. Current retirees using funds from current contributions
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If capital per hour of labor decreases, real GDP per hour of labor
A) decreases because the level of technology decreases. B) increases because the level of technology increases. C) increases for a given level of technology. D) decreases for a given level of technology.
If Boring were able to move first in a sequential version of the game in Scenario 13.15, the equilibrium would be
A) an $80 price for Simple and a $70 price for Boring. B) an $80 price for Simple and a $25 price for Boring. C) a $35 price for Simple and a $70 price for Boring. D) a $35 price for Simple and a $25 price for Boring. E) a mixed strategy equilibrium.
A pure private good has two characteristics: rivalry and excludability. Rivalry suggests that a private market, rather than the public sector, should produce the good, and excludability suggests a private market will provide it
a. True b. False
A program to reduce inflation is likely to have lower costs if the sacrifice ratio is
a. high and the reduction is unexpected. b. high and the reduction is expected. c. low and the reduction is unexpected. d. low and the reduction is expected.