Economists have observed that fiscal policy can be implemented very quickly while monetary policy is much slower to enact

The pay-as-you-go nature of the Social Security system means that _____

a. current beneficiaries are paid out of general tax revenues b. current beneficiaries are paid out of the payroll taxes levied on current workers c. current beneficiaries are paid based on contributions made during their last five working years d. current beneficiaries are paid out of current earnings on the Social Security trust fund

Economists argue that the union wage advantage

A) has been estimated to be 100% in the private sector. B) in the private sector is a 4% increase in wages for union workers over nonunion workers. C) reached its height in 2000 in the private sector. D) has been close to zero since World War II in the private sector.