Under the Social Security program currently in existence
A) benefits are based on need.
B) benefits are determined by whether or not one contributed to the system.
C) benefits are provided to everyone who contributed to the system EXCEPT those under private retirement programs that provide an annual income in excess of $13,500.
D) benefits are guaranteed to be no lower for future retirees than for current retirees.
Answer: B
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If the market demand in a monopolistically competitive industry increases, a likely result in the long run will be
A) less elastic demand curves facing each firm. B) a higher ratio of price to average cost. C) a larger number of firms producing a similar product. D) a transition from monopolistic competition to oligopoly.
Which of the following is an intangible good?
a. a television b. a reputation c. a smartphone d. a textbook
Which of the following statements is TRUE about the role that service exports and imports have in the balance of payments?
A. Service exports and imports are included in the balance of payments in the labor account. B. Service exports and imports are included in the balance of payments in the current account. C. Service exports and imports are included in the balance of payments in the official reserve transactions account. D. Service exports and imports are not included in the balance of payments because it is impossible to transport a service to another country.
Which of the following is an example of mechanism design?
A. an employer pays all sales people a fixed salary B. reduced prices on bulk purchases C. health insurance with zero co-pays D. welfare reform that limits the amount of time a person can collect benefits