The Universal Aspect of the OAS Pension Was Terminated in 1989

question 23

True/False

The universal aspect of the OAS pension was terminated in 1989 and is currently means-tested through a "clawback".

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Definitions:

Equilibrium Price

The price at which the quantity of a product offered is equal to the quantity of the product demanded.

Willing To Pay

The maximum amount a consumer is ready to spend on a good or service, reflecting the value they place on it.

Minimum Prices

A price floor set by the government, ensuring that goods and services cannot be sold below this level, typically to protect producers.

Demand-Side Market Failures

Underallocations of resources that occur when private demand curves understate consumers’ full willingness to pay for a good or service.