Social insurance is distinguished from public assistance, or welfare, by the fact that:
A. All social insurance benefits are paid in cash while all public assistance benefits are paid in kind (food, housing, medical care)
B. An individual acquires a right to social insurance benefits by meeting objective eligibility criteria while public assistance benefits are determined according to individual need
C. The total amount paid in benefits is much larger in the public assistance programs than in the social insurance programs
D. Payroll taxes are used to finance public assistance programs while general revenues are used to finance social insurance programs
B. An individual acquires a right to social insurance benefits by meeting objective eligibility criteria while public assistance benefits are determined according to individual need
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The consensus of major econometric models is that monetary policy has
A) no effect on real GDP. B) an effect on real GDP only in the long run. C) a negative effect on real GDP. D) a substantial short-run effect on real GDP.
What characteristic defines something as money?
A) assets declared by the government to be of value B) a medium of exchange widely accepted in an economy C) notes you can deposit in a savings account D) an asset that earns interest