The Income Security Program Category for Federal Government Outlays Includes

question 90

Multiple Choice

The income security program category for federal government outlays includes spending for:

• A)Social Security.
• B)Medicare.
• C)Welfare.
• D)Unemployment compensation.
• E)All of these.

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Definitions:

Price Floor

A minimum legal price set by the government at which a good or service can be sold, aiming to prevent prices from falling too low.

Consumer Surplus

The contrast between the intended financial outlay of consumers on a good or service and the payment they ultimately make.

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied.

Producer Surplus

The difference in earnings expected by producers for a good or service versus the actual payment received.