Social Security, officially known as Old Age and Survivors Insurance (OASI),
a. collects funds from current workers and invests them in order to provide these workers with a stream of income during the retirement phase of life.
b. is based on the same principles as private insurance programs.
c. is an intergenerational income transfer program.
d. is a voluntary savings program run by the government.
C
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An externality can best be defined as
A) a party not directly involved in a transaction. B) a consequence of a transaction that spills over to affect third parties. C) a right of an owner to use and exchange property. D) a cost associated with the production of one more unit of output.
Tariffs and quotas:
A. benefit producers of protected products but harm domestic consumers. B. benefit both producers of protected products and domestic consumers. C. benefit neither producers of protected products nor domestic consumers. D. benefit domestic consumers at the expense of producers of protected products.