The Third Tier of the Pension System Is Comprised of

question 54

Multiple Choice

The third tier of the pension system is comprised of

• A) OAS and GIS
• B) employer pensions and RRSPs
• C) C/QPP and employer pensions
• D) SPA and the GIS
• E) employer pensions and GIS

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Definitions:

Price Elastic

Refers to the degree to which the quantity demanded or supplied of a good or service changes in response to a change in its price.

Necessities

Basic needs essential for maintaining life, such as food, water, shelter, and clothing, which take precedence over other types of spending.

Elasticity Coefficient

A measure used to show the responsiveness of the quantity demanded or supplied to a change in one of its determinants, like price or income.

Supply

A schedule or curve that shows the various amounts of a product that producers are willing and able to make available for sale at each of a series of possible prices during a specified period of time.