Under the current Social Security System,
A) only tax rates are changed yearly to help cover changes increases in benefits.
B) only benefits are changed to balance the budget of the Social Security System.
C) benefits are changed only to reflect the preceding year's inflation.
D) tax rates and benefits are changed yearly to balance the budget of the Social Security System.
C
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Assume that the price elasticity of demand for gasoline is -0.06. If the government tax causes the price of gasoline to increase by 50 percent, what will be the decrease in the quantity of gasoline demanded?
A) 0.5 percent B) 3.0 percent C) 8.33 percent D) 50 percent
Volatility clustering
A) is evident in most cross-sections. B) implies that a series is serially correlated. C) can mostly be found in studies of the labor market. D) is evident in many financial time series.
The simplified spending multiplier is calculated as:
A. ?MPC/(1 ? MPC). B. (1 ? MPC) × ?MPC. C. 1/(1 ? MPC). D. ?1/(1 ? MPC).
The higher the bid in a first-price sealed-bid auction, the ________ the chances of winning and the ________ the surplus earned
A) higher; higher B) higher; lower C) lower; higher D) lower; lower