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economics 14th global

Questions and Answers of Economics 14th Global

Explain whether Social Security benefits are adequate for the following groups:a. Long-service workers employed at low wagesb. Beneficiaries age 80 or older LO7
Why will Social Security replacement rates decline in the future? LO7
Explain the reasons for the high denial rate for initial disability income claims. LO7
Explain the definition of disability in the current Social Security program. Identify the problems in the application of this definition to disabled workers. LO7
Describe the attitudes of Americans toward the Social Security program. LO7
Evaluate the viewpoint that many workers do not receive their money’s worth under the Social Security program. LO7
Explain the proposal for reducing the Social Security payroll tax to stimulate output and employment. LO7
A critic of the current Social Security program stated, “Social Security retirement benefits are more than adequate because the average Social Security retirement benefit is substantially above the
The Social Security Administration periodically calculates a number of hypothetical money’s worth ratios for an individual worker or cohort of workers based on earnings, year of birth, gender, and
Explain the financing principles that are followed in the Social Security program. LO1
Describe the nature and purposes of the Social Security and Medicare trust funds. LO2
Explain how the trust funds are invested. LO3
Explain the short-range and long-range financial condition of the Social Security and Medicare programs. LO4
Explain several proposals for reducing the long-term Social Security actuarial deficit. LO5
Describe the financing methods that could be used to finance Social Security.What method is currently followed in the financing of Social Security?LO5
Explain why it is unnecessary to have a fully funded OASDI program.LO5
Identify the trust funds in the Social Security and Medicare programs.LO5
Briefly explain the basic purposes of the Social Security and Medicare trust funds.LO5
Explain how the Social Security and Medicare trust funds are invested.LO5
Describe the short-range financial condition of Social Security and Medicare.Identify the trust funds that do not meet the short-range test.LO5
Describe the long-range financial condition of Social Security and Medicare.Identify the trust funds that do not meet the long-range test.LO5
Some critics claim that the Social Security trust funds are fictitious and contain worthless assets. Evaluate this allegation.LO5
List the possible options for reducing or eliminating the long-range actuarial deficit.LO5
Briefly explain the advantages and disadvantages of each option listed in (9), above.LO5
There is no single solution to reducing or eliminating the long-range actuarial deficit in the Social Security program. The Academy of Actuaries has a game that allows viewers to make hypothetical
The Social Security trust funds are invested in government securities that are both similar and dissimilar to other government securities available to the public.a. Explain how the excess of income
Explain the three views concerning the meaning of a minimum floor of protection under the OASDI program.LO5
Explain the principle of social adequacy. Why is social adequacy emphasized in the OASDI program?LO5
Why do private insurers emphasize individual equity in the payment of benefits?LO5
Explain why a fully funded OASDI program is considered unnecessary.LO5
Briefly explain the advantages of a compulsory OASDI program.LO5
Explain the advantages of relating the benefit amounts under the OASDI program to the worker’s earned income.LO5
Is the OASDI program insurance? Explain your answer.LO5
Explain the major differences between social insurance programs and private insurance.LO5
Explain the major differences between social insurance programs and public assistance.LO5
Briefly explain the economic objectives of social insurance programs.LO5
The OASDI program and private life insurance have both similarities and differences. Compare the OASDI program with private life insurance with respect to each of the following:a. Legal requirement
Social insurance programs are fundamentally different from public assistance programs. Compare social insurance with public assistance with respect to each of the following:a. Right to benefitsb.
Explain the definition of premature death.LO1
Explain the costs that result from premature death.LO2
Explain the financial impact of premature death on different types of families, including single people, single-parent families, traditional families, two-income families, sandwiched families, and
Explain the impact of premature death on the family before and after a terminally ill family head dies.LO4
Identify the major approaches for reducing economic insecurity resulting from premature death.LO5
Give the definition of premature death.LO3
Briefly describe the costs associated with premature death.LO3
Does premature death affect all types of families the same way? Explain your answer.LO3
Briefly explain the financial impact of premature death on the family before a terminally ill family head actually dies.LO3
Briefly explain the financial impact of premature death on the family after a terminally ill family head dies.LO3
Identify the various measures that can reduce economic security from premature death.LO3
Are OASDI survivor benefits paid to all surviving spouses? Explain your answer.LO3
How effective is private life insurance in meeting the problem of premature death?LO3
Describe the major sources of income to surviving spouses with children after a terminally ill family head dies.LO3
Explain the major obstacles that an older surviving spouse whose children are grown may encounter when she or he wishes to reenter the labor force after the death of the other spouse.LO3
Megan, age 35, is an actuary for a small fraternal life insurer. She is married with two small children, and plans to retire at age 65. She estimates that her average annual earnings over the next 30
The financial impact of premature death varies by family type. For each of the following, explain the financial impact of premature death on surviving family members. Treat each event separately.a.
Identify the major factors that cause economic insecurity for retired people.LO1
Explain the impact of early retirement on the financial position of the aged.Lo2
Identify the major sources of income to retired workers.LO3
Explain the reasons why many elderly have insufficient financial assets at retirement.LO4
Explain the employment problems of older workers.LO5
Identify the major techniques for reducing economic insecurity from old age.LO6
Explain the importance of Old-Age, Survivors, and Disability Insurance (OASDI)retirement benefits in providing economic security to retired workers.LO7
Identify the major factors that can cause economic insecurity during retirement.LO3
Describe the financial position of the elderly age 65 and over with respect to income and assets. Why do many retired workers have relatively small amounts of financial assets?LO3
Explain how early retirement can cause economic insecurity for some retired persons.LO3
Why is the poverty rate relatively high for older widows?LO3
Briefly describe the employment problems of older workers.LO3
Explain the nature of the health problems of older retired persons.LO3
Identify the major techniques that are currently used to reduce economic insecurity during retirement.LO3
How effective are Social Security benefits in reducing economic insecurity during retirement?LO3
Briefly explain the major problems that are present in private retirement plans.LO3
Briefly describe the major disadvantages of long-term care insurance plans.LO3
Josh, age 25, is a marketing major who recently graduated from college and accepted a job with a global oil company. The company offers a number of employee benefit plans to its employees, including
Explain the meaning of fully insured, currently insured, and disability insured.LO1
Explain the meaning of primary insurance amount (PIA).LO2
Understand how Social Security benefits are calculated.LO3
Describe the retirement, survivor, and disability benefits under the Social Security program.LO4
Explain the situations that can result in a reduction or loss of monthly cash benefits.LO5
Explain how the Social Security program is financed.LO6
Identify the occupations that are excluded from Social Security coverage.LO6
Explain the meaning of fully insured, currently insured, and disability insured.LO6
Briefly explain how the primary insurance amount (PIA) is calculated.LO6
Explain the difference between the full retirement age and early retirement age.LO6
Identify the various categories of family members who may be eligible for OASDI retirement and survivor benefits.LO6
Explain the eligibility requirements for disability income benefits.LO6
Briefly explain the definition of disability that is used in the disability income program.LO6
Briefly describe the work incentives that are present in the disability income program to encourage disabled workers to return to productive employment.LO6
Briefly explain the earnings test under the OASDI program.LO6
How is the Social Security program financed? Explain your answer.LO6
Explain whether each of the following people would be eligible for Social Security retirement benefits based on the retired worker’s earnings record.Treat each item separately.a. A retired
Explain whether each of the following persons would be eligible for Social Security survivor benefits based on the deceased worker’s earnings record.Treat each item separately.a. A dependent
Explain whether each of the following persons would be eligible for disability income benefits. In each case, assume that the disabled worker is disability insured. Treat each item separately.a. A
Explain the meaning of economic security.
Explain the meaning of economic insecurity.
Identify the major causes of economic insecurity.
Identify major private and public programs that reduce economic insecurity.
Briefly explain the nature of economic insecurity.LO5
Identify the important social problems that result in economic insecurity from personal factors.LO5
What is the meaning of “social security”?LO5
Describe the generic characteristics of social insurance programs.LO5

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