Which Statement Is NOT True

question 148

Multiple Choice

Which statement is NOT true?

• A) In 2013, the payroll tax was 12.4% of wage earnings up to a maximum of $113,700.
• B) If you retire at age 67, you will get larger monthly Social Security checks than if you retire before the age of 67.
• C) The money you contribute to FICA is yours, to be given back to you when you retire.
• D) Your Social Security benefits are determined by a formula based strictly on your lifetime contributions.

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Definitions:

Demand Increased

A situation where the quantity of a product or service desired by buyers rises due to factors like income growth, taste changes, or price decreases of the product or complementary goods.

Inferior Good

A type of good for which demand decreases as the income of the consumer increases, opposite of a normal good.

Downsloping

Refers to a curve or line moving downwards on a graph, often used in economics to describe demand curves where price and quantity demanded move in opposite directions.

Demand and Supply

The fundamental economic concept that describes the amount of a specific good or service that is available to consumers and the desire of consumers for it, considered as functions of its price.