The creation of the Social Security program caused a decrease in the labor force participation rate.
Answer the following statement true (T) or false (F)
True
Social Security decreases the labor force because some younger workers opt to reduce their labor efforts due to higher payroll taxes, while retirees opt not to work part-time since their benefits would be reduced.
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In economics, the term "marginal" usually refers to
a. a small change in an economic variable b. a low-quality product or resource c. an unimportant and irrelevant economic variable d. an all-or-nothing economic decision e. a footnote or minor point
In a move to free the economy from unnecessary regulation, Congress decides to remove sugar price supports. What would most likely happen to the number of producers of sugar?
a. It would decrease, because sugar prices would fall. b. It would decrease, because sugar prices would rise. c. It would increase, because sugar prices would fall. d. It would increase, because sugar prices would rise.