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.
B
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The wage rate rises. As a result, in the short run Real GDP will __________ and the price level will __________
A) rise; rise B) fall; fall C) remain constant; fall D) fall; rise E) rise; fall
Suppose the money market, drawn with the value of money on the vertical axis, is in equilibrium. If the money supply increases, then at the old value of money there is an
a. excess demand for money that will result in an increase in spending. b. excess demand for money that will result in a decrease in spending. c. excess supply of money that will result in an increase in spending. d. excess supply of money that will result in a decrease in spending.