Consuming goods until the ratio of marginal utilities of the goods is equal to the ratio of their prices is consistent with maximizing total utility

The GDP deflator is calculated as (Real GDP / Nominal GDP) × 100

a. True b. False Indicate whether the statement is true or false

Under the Social Security program currently in existence

A) benefits are based on need. B) benefits are determined by whether or not one contributed to the system. C) benefits are provided to everyone who contributed to the system EXCEPT those under private retirement programs that provide an annual income in excess of $13,500. D) benefits are guaranteed to be no lower for future retirees than for current retirees.