The Social Security Act of 1935

question 96

Multiple Choice

The Social Security Act of 1935

• A) did not begin making payments to participants for years.
• B) covered all full-time working American citizens.
• C) initially only offered a pension for retired workers.
• D) originally included a program for universal health-care.
• E) was opposed by President Franklin Roosevelt as being too costly.

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Definitions:

Negative Externalities

A situation where a third party suffers from a decision or action made by others, typically not reflected in the market price.

Positive Externalities

Benefits enjoyed by third-party individuals or the society at large, which result from an economic activity but are not reflected in the market prices.

Negative Externality

An external effect of a product or activity that imposes a negative impact on a third party or the environment.

Internalize

The process of taking into account the external effects of economic actions, such as externalities, within the decision-making process.