Arrow's impossibility theorem is not relevant to modern analysis of political economy.

Social Security began as a "pay-as-you-go" system, meaning that payments to current retirees were paid

A) from taxes collected from current workers. B) as the government collected revenues from tariffs and excise taxes in the years Social Security payments were made. C) as long as the government had funds available. D) from taxes collected from retired workers.

Suppose the reserve ratio is RR. Then

A) required reserves = RR × deposits. B) required reserves = RR × loans. C) required reserves = RR × actual reserves. D) required reserves = RR × excess reserves.