The key determinant of whether Social Security will be a good investment is _____
a. the number of hours worked by future employees
b. internal migration
c. real income growth in the United States
d. the solvency of the system today
c
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Suppose two goods coffee and creamer provide the consumer with utility but only if they are consumed in fixed proportions. An increase in the price of coffee will yield
a. a substitution effect and an income effect in opposite directions. b. a substitution effect and an income effect in the same direction. c. a substitution effect but no income effect. d. an income effect but no substitution effect.
Which of the following examples shows monopolistic competition?
a. RKS Communications has no other competitors in the GPS market. b. Johnson Acres produces corn that is identical to the corn produced by other farms. c. Bubbly Soft Drinks emphasizes it has a lower price than other soft drink brands. d. Pleasant Dreams is one of the few firms in the antique jewelry market.