Most Canadians Rely to Some Extent on the Retirement Income

question 30

Multiple Choice

Most Canadians rely to some extent on the retirement income system,which is based on established pillars.Which pillar's goal is to support universal programs that provide a basic minimum income?

• A)Pillar 1: Old Age Security (OAS)and Guaranteed Income Supplement (GIS)
• B)Pillar 2: The Canada Pension Plan (CPP)
• C)Pillar 3: Private pension plans and savings
• D)Pillar 3: Workplace pension plans and savings

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Definitions:

Demand Schedule

is a table that lists the quantity of a good that consumers are willing to buy at different price levels, showing the relationship between price and quantity demanded.

Marginal Cost

The cost of producing one additional unit of a product, reflecting changes in variable cost as output is adjusted.

Average Cost

The total cost of production divided by the number of goods produced, providing a cost per unit of output.

Marginal Revenue

The incremental revenue resulted from the sale of one more product or service unit.