The pay-as-you-go system for the Social Security System entails. ________
A) a transfer of payments from those currently working to retirees
B) taxing the import and export of goods and services into an out of the United States
C) a number of current retirees that exceeds the number of employed individuals
D) issuing additional government debt in the event of budget surplus
A
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Wally's Wheat Farm sells its output and hires its labor in perfectly competitive markets. In the short run, Wally can vary only one input-labor. In short-run equilibrium, all of the following conditions, except one, will be satisfied. Which is the exception?
a. The marginal revenue product of labor equals the wage rate. b. The marginal revenue product of labor would decrease if more labor is hired. c. Marginal revenue equals the price of the firm's output. d. The marginal product of labor would decrease if more labor is hired. e. The firm's total revenue will decrease if more labor is hired.
Suppose the population (age 16 and over) of Vietnam is 100 million; 5 million are unemployed, and 40 million hold jobs. The labor force participation rate in Vietnam is
a. 10 percent. b. 45 percent. c. 50 percent. d. 90 percent.