The bonds held in the Social Security Trust Fund
a. are a valuable asset of the federal government.
b. will generate a future stream of net income for the federal government.
c. are an IOU from one government agency (the U.S. Treasury) to another (the Social Security Administration).
d. are necessary to provide retirement benefits for future retirees.
C
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Diminishing marginal returns refers to the fact that
a. holding other inputs constant, additional increases in labor lead to smaller changes in output. b. holding other inputs constant, additional increases in labor lead to lower output. c. additional increases in labor always lead to smaller changes in output d. the returns to labor fall as real wages rise.
Gabriela recently got a 10 percent raise. She now purchases 30 percent more in groceries on a weekly basis. Gabriela's income elasticity for groceries is
a. 0.33. b. 0.5. c. 1. d. 3.