Since the Social Security benefits of retirees are a function of the taxes paid by others, it is easy to predict that _____
a. older voters are likely to vote against higher taxes in exchange for higher benefits
b. older voters are likely to vote for higher taxes in exchange for higher benefits
c. older voters will be indifferent between higher taxes and higher benefits
d. older voters will generally not get what they want
b
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Decreasing marginal returns
A) can be avoided if a firm watches costs. B) affect all firms, but at different production levels. C) affect all firms at the same level of production. D) disappear when the firm produces a large enough level of output. E) mean that the average product of labor starts as a negative number and then becomes positive.
In the Keynesian model in the short run, an increase in the money supply will cause
A) an increase in output and a decrease in the real interest rate. B) a decrease in the real interest rate but no change in output. C) an increase in the real interest rate and an increase in output. D) no change in either the real interest rate or output.