Which of the Following Was TRUE When Social Security Was

question 9

Multiple Choice

Which of the following was TRUE when Social Security was established in the United States in the 1930s?

• A) The child dependency ratio was lower than it is now.
• B) Life expectancy was lower that it is now.
• C) Life expectancy was higher for men than for women.
• D) The old-age dependency ratio was lower.

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Definitions:

Total Profit

The total income a business earns after subtracting all expenses, taxes, and costs associated with producing and selling its goods or services.

Monopoly Power

The ability of a single seller or company to control the market for a particular good or service, leading to limited competition.

Perfect Competitor

A theoretical market structure where many firms sell identical products, there are no barriers to entry or exit, buyers have perfect information, and firms are price takers.

Long Run

A period in economics where all factors of production and costs are variable, allowing for full industry adjustment to changes.