The Primary Goal of All Welfare and Social Security Programs

question 47

Multiple Choice

The primary goal of all welfare and social security programs is to ______.

• A) create higher wage jobs for the poor
• B) reduce the number of people living in poverty
• C) assist people to obtain adequate and affordable housing
• D) reduce unemployment

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Definitions:

Perfect Knowledge

A theoretical situation in which all participants in a market have complete and accurate information about past, present, and future conditions.

Short Run

A period in economics where at least one factor of production is fixed, leading to limited adjustments in production or operation.

Long Run

An economic phase where every production factor and cost can adjust completely to alterations, due to their variable nature.

Most Efficient Output

The level of production at which a firm or economy can produce goods at the lowest average cost, maximizing efficiency.