Originally, Social Security Was

question 26

Multiple Choice

Originally, Social Security was

• A) created as a program for the wealthy.
• B) intended to provide a supplement to savings and other means of financial support.
• C) created as a health insurance program.
• D) a food program for the elderly poor.

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Definitions:

Normal Goods

Goods for which demand increases as the income of consumers increases, and falls when consumer income decreases.

Utils

A hypothetical unit of measurement used in economics to represent the satisfaction or utility that a consumer receives from consuming goods and services.

Substitution Effect

The change in consumption patterns due to a change in relative prices, where consumers replace more expensive items with less costly alternatives.

Inferior Good

Items for which demand falls when the income levels of buyers go up, unlike standard goods that see an increase in demand with rising incomes.