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The Current Social Security Program, Financed by Payroll Taxes, Is

question 51

Multiple Choice

The current social security program, financed by payroll taxes, is capped at just over US$118,500 of income. This is an example of ______.


Definitions:

Net National Income Per Capita

A measure that represents the total income of a nation divided by its population, indicating the average income per person.

Gross National Income Per Capita

The total domestic and foreign output claimed by residents of a country, divided by the population of the country.

Net Domestic Product Per Capita

A measure of a country's economic output per person, excluding the costs of depreciation of capital goods. It gives an indication of the average standard of living and economic well-being of the population.

Command-based Economy

An economy where production, investment, prices, and incomes are determined centrally by a government.

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