If a defined contribution pension cannot, for whatever reason, make good on their anticipated payments to retirees, the
A. retirees get an extra payment from Social Security.
B. pensions are paid by the Pension Guaranty Trust Corporation.
C. retirees must sue their former employer.
D. retirees are out of luck.
Answer: D
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A perfectly competitive firm will not operate where MC = MR but at MC = AC.
Answer the following statement true (T) or false (F)
Jim’s Limited Leather dumps its tanning chemicals into a creek that it claims to own. Jim’s only neighbor, Mr. Glover, claims he owns the creek, and the chemicals are killing his fish. Why would it be impractical to apply the Coase theorem to find a workable solution in this case?
a. There are too many transactors. b. There is no externality. c. Property rights are uncertain. d. Leather is a private good.
The optimal level of employment for a monopsonist corresponds to the point where labor:
A. demand intersects labor supply. B. demand intersects marginal factor cost. C. supply intersects marginal revenue product. D. supply intersects marginal factor cost.
Explain how the Asian crisis of 1997 began. What precipitated the crisis? Did rescue loans prevent recessions in the crisis countries?
What will be an ideal response?