The net effect of savings of the asset substitution, induced retirement, and bequest effects combined is that people save ________they would have without Social Security.

A recent economics graduate is looking for a position as an industrial economist. During the period this individual starts looking for a job and ultimately finds one, he may be classified as:

a. seasonally unemployed. b. frictionally unemployed. c. cyclically unemployed. d. structurally unemployed. e. occasionally unemployed.

If production creates a negative externality, social welfare can be increased through

a. antitrust law b. subsidization c. taxation d. free market policies e. allocative efficiency