Because of Social Security, people are retiring
A. in their forties and getting government retirement benefits.
B. later than ever.
C. at the same age they always did: 65.
D. earlier than ever.
Answer: D
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If production remains the same and all prices double relative to the base year, then the GDP deflator is:
A. 1/4. B. 1/2. C. 1. D. 2.
Under which of the following scenarios is it most likely that monopoly power will be exhibited by firms?
A) When there are few firms in the market and the demand curve faced by each firm is relatively inelastic. B) When there are many firms in the market and the demand curve faced by each firm is relatively inelastic. C) When there are few firms in the market and the demand curve faced by each firm is relatively elastic. D) When there are many firms in the market and the demand curve faced by each firm is relatively elastic.