Which of the Following Is True of the Amendments to the Social

question 85

Multiple Choice

Which of the following is true of the amendments to the Social Security Act signed into law by President Eisenhower?

• A) They raised benefits and expanded the program's coverage.
• B) They raised benefits and reduced the program's coverage.
• C) They lowered benefits and reduced the program's coverage.
• D) They lowered benefits and expanded the program's coverage.

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Definitions:

Income Effects

The changes in an individual's or economy's income and how that changes their spending and saving behavior.

Substitution Effects

The change in consumption patterns due to a change in the relative prices of goods.

Normal Goods

Goods for which demand goes up when income is higher and for which demand goes down when income is lower.

Wage Rate

The standard amount of pay given to an employee for services rendered, typically expressed on a per hour basis.