Economics and Social Security Essay - 2130 Words

Week 1 Homework Problems Chapter 1 18) You rent a car for $29.95. The first 150 miles are free, but each mile thereafter costs 15 cents. You drive it 200 miles. What is the marginal cost of driving the car? A) A marginal cost is the additional cost to you over and above the costs you have already incurred. Hence here the marginal cost is $7.50 26) State whether the following are microeconomic or macroeconomic policy issues: a. Should U.S. interest rate be lowered to decrease the amount of unemployment? macroeconomics b. Will the fact that more and more doctors are selling their practices to managed care networks increase the efficiency of medical providers? Macroeconomics c. Should the current federal income tax be†¦show more content†¦To some people, government intervention in the economy are consider significant to protect against the worst elements of capitalism while others think that such regulations are unnecessary invasions of their freedoms. To what extend should the government get involve in the economy. The government should take a limited role in the economy while allowing private enterprises because such involvement would eliminate the negative aspects of capitalism while adopting the positiveness of Socialism. This would benefit the economy in variety of ways. Firstly, government regulations allow businesses to remain in the private hands while removing some of the worst abuses of pure capitalism. Secondly, a government intervention protects the consumers, producers, and the community as a whole. Finally, limited government involvement prevents crises such as inflation, unemployment and depression. The nineteenth century period w as a memorable period in the history of human kind. The Industrial Revolution transformed society from an agricultural to a mechanized society. The output of production increased enormously thus creating a substantial amount of jobs. Although the economy was drastically affected by the increasing industrialization; many people were horrified at theShow MoreRelatedSocial Security And Economic Security1311 Words   |  6 Pages In 2033 a retiree with the average Social Security benefits of $1,294 will only receive 77% of this number or $996. This average retiree pays the average monthly costs for a single adult in Grand Rapids, Michigan of $1,323. This shows Social Security benefits today are sinking below the amount necessary to live. In the case the benefits are cut further, living on benefits will be impossible. This stays true to the 20% of retirees who rely on Social Security for all of their income. To make a trulyRead MoreSocial Security And Economic Security1582 Words   |  7 PagesIn 18 years, Social Security benefits could drop so that millions will not have the money to survive. On the other hand, it could not exist entirely. Social Security funds are sinking due to its history, its inability to obtain funds, and the retirement of the Baby Boomer generation. To make a truly accurate evaluation of Social Security one must look at the past, present, and future of the program which is depicted in the following paragraphs through the program’s history, its costs, and finallyRead MoreEconomic Feasibility of the Social Security System1423 Words   |  6 PagesWill Social Security Survive the 21st Century? With all the concerns surrounding the economic feasibility of the Social Security system, perhaps the question should be asked whether the Social Security system would last another 20 years if drastic changes were not made soon. 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