Under the current Social Security System,
A) only tax rates are changed yearly to help cover changes increases in benefits.
B) only benefits are changed to balance the budget of the Social Security System.
C) benefits are changed only to reflect the preceding year's inflation.
D) tax rates and benefits are changed yearly to balance the budget of the Social Security System.
C
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The figure above represents the behavior of total revenue as price falls along a straight-line demand curve. What is the price elasticity of demand if total revenue is given by point f?
A) Demand is inelastic. B) Demand is unit elastic. C) Demand is elastic. D) It is impossible to determine.
A friend says, "I really, really need a new car." As an economist, you're thinking
A) Right! Everyone needs a new car. B) This is an example of how objectively undefinable needs are. Many would argue that this friend could get along just fine with a reliable used car. C) If this friend says she needs a new car, then we must all agree that a new car is a need and not just a want. D) that a new car can only be considered a need if at least 51% of the public agrees.