Which of the Following Is NOT True About Social Security

question 16

Multiple Choice

Which of the following is NOT true about social security?

• A)The purpose is to provide full retirement to almost all employees.
• B)Employers and employees share the cost of contributions.
• C)Self-employed individuals pay the full cost of contributions.
• D)Social Security consists of four main programs: OASI, DI, Medicare, and SSI.

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Definitions:

Monopolistically Competitive

Describes a market structure where many companies sell products that are similar but not identical, allowing for firms to have some market power.

Market Power

The ability of a firm or group of firms to manipulate the price of goods or services in a market due to lack of competition.

Monopolistically Competitive

Describes a market structure where many firms sell products that are similar but not identical, allowing for significant competition but with a degree of product differentiation.

Product Differentiation

The process by which companies distinguish their products from those of competitors in the eyes of consumers by varying design, quality, or other attributes.