Social Security is
A) an insurance program operated by the federal government.
B) a retirement program that invests the person's contributions into interest-earning financial assets so the proceeds can fund the person's retirement.
C) a social insurance program that guarantees that an elderly person will never fall below the poverty level.
D) an intergenerational transfer program that only vaguely relates to past earnings.
D
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An inward-oriented strategy is designed to:
a. expand a country's export capacity. b. lower the production of capital goods. c. develop the domestic manufacturing sector. d. promote the consumption of imported goods. e. improve productivity in the domestic service sector.
At low levels of output, the economy can expand with little or no increase in the overall price level because
A. people will be expecting the price level to fall. B. at low levels of output the aggregate supply curve is negatively sloped. C. there is excess supply so prices are kept low. D. firms likely hold excess labor and capital, and production can be increased without causing input prices to increase.