In 1940,Ida May Fuller Received the First Social Security Check

question 160

Multiple Choice

In 1940,Ida May Fuller received the first Social Security check after contributing only $24.75 in Social Security taxes before she retired and lived to be 100 years old.Her case is an example of how:

• A) Social Security payments were not issued to people who were close to retirement.
• B) people can choose not to contribute to Social Security.
• C) people begin to get Social Security payments before they retire.
• D) the first Social Security recipients benefitted much more from the program than will workers entering the program today.

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Definitions:

Level of Employment

The level of employment refers to the total number of employed individuals within an economy at a given time, reflecting the job market's health and economic activity.

Efficiency Wage Equilibrium

A state in which employers pay above-market wages to increase productivity and reduce turnover among employees.

Demand for Labor

The total amount of workers that employers are willing and able to hire at a given wage rate in a certain period.

Efficiency Wage

A theory suggesting that higher wages may increase worker productivity and efficiency by attracting better applicants, reducing turnover, and increasing worker morale.