Social Security provides incentive for individuals to
(a) save more than they consume during their working years.
(b) manage their assets privately in order to prepare to live on principal and interest during retirement.
(c) rely on transfer payments made by the working class to them during retirement.
(d) carefully manage their private retirement portfolios and use the income earned to consume and save during retirement.
(c)
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An English auction ends when ________
A) no bidder is willing to bid any higher B) a bidder accepts the price announced by the auctioneer C) a bidder bids above the market price of the good D) a bidder bids below the starting bid
If the price level is 100 for 2005 and the price level is 106.5 in 2007, a nominal GDP in 2007 of $15,600 billion would mean that real GDP in 2007 (in 2005 prices) would be closest to
A. $14,751.3 billion. B. $13,971.2 billion. C. $14,647.9 billion. D. $15,600.0 billion.