Social Security payments:
A. now hold their value over time.
B. are adjusted for inflation using the CPI.
C. undergo cost-of-living adjustments.
D. All of these statements are true.
D. All of these statements are true.
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In the figure above, the curve is known as the
A) production possibilities frontier. B) substitution options frontier. C) production function. D) opportunity cost curve.
If a macroeconomic variable tends to aid in predicting the future path of real GDP, it is said to be a
A) convenient variable. B) coincident variable. C) leading variable. D) lagging variable.
The Civil War was a result of
(a) the dispute over slave ownership in the South. (b) attempts to keep slaves out of the West. (c) attempts to protect state rights over federal control. (d) all of the above.
First grade teachers who work in Lynn, Massachusetts's (a large, low income city north of Boston) public schools earn more than first grade teachers who work in private schools in more affluent communities north of Boston. Lynn teachers belong to a teachers' union. Which statement best explains the scenario described above?
a. Lynn school teachers receive a compensating differential because they work in a more difficult environment, and they receive higher than market equilibrium wages because they are members of a teachers' union. b. Lynn school teachers receive a compensating differential because they work in a more difficult environment, but they do not receive higher than market equilibrium wages because they are members of a teachers' union. c. Lynn school teachers do not receive a compensating differential because they work in a more difficult environment, but they do receive higher than market equilibrium wages because they are members of a teachers' union. d. Lynn school teachers do not receive a compensating differential because they work in a more difficult environment, and they do not receive higher than market equilibrium wages because they are members of a teachers' union.