The Original Purpose of Social Security Was To

question 143

Multiple Choice

The original purpose of Social Security was to:

• A) create a way for seniors to pay for housing expenses.
• B) provide a supplement to savings and other means of financial support.
• C) provide the primary source of income for those over age 65.
• D) create an investment opportunity.

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Definitions:

Economic Transactions

Activities involving the exchange of goods, services, or money between two or more parties.

Bretton Woods System

A monetary management system established in 1944, which set fixed foreign exchange rates for currencies in relation to the U.S. dollar and established the International Monetary Fund (IMF) and the World Bank.

World Economy

The global network of economic activities and interactions among countries' economies, including trade, investment, and currency exchange.

Gold Production

The process of extracting gold ore from the earth and refining it into pure gold.