In His 2000 Presidential Campaign,Al Gore Was Ridiculed for His

question 128

Multiple Choice

In his 2000 presidential campaign,Al Gore was ridiculed for his proposal to reform Social Security by keeping the trust fund in interest-bearing government securities but in what he called a(n) :

• A)iron safe
• B)cookie jar
• C)locked box
• D)freezer bag
• E)treasure chest

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Definitions:

Substitution Effects

The economic understanding that as prices rise or income decreases, consumers will replace more expensive items with less costly alternatives.

Income Effects

Changes in consumer's purchasing power and consumption patterns resulting from changes in income.

Marginal Rate of Substitution

The rate at which a consumer is willing to give up one good in exchange for another good while maintaining the same level of utility.

Contract Law

The body of law that governs the creation, enforcement, and interpretation of agreements between parties.