5.

Spikes in retirement rates at Social Security's early entitlement age (EEA) and full retirement age (FRA) are evidence of crowd out. 0 moral hazard. O consumption smoothing. The replacement rate for Social Security retirement benefits is defined as O the rate at which people who retire are replaced by working individuals in the population. O the fraction of pre-retirement earnings paid out in Social Security benefits. O how quickly retirement benefits paid out to Social Security beneficiaries are replaced by tax revenues raised by the government. O the fraction of retirees who receive Social Security benefits.Social Security's "earnings test" O is a determination of whether an individual's AIME was high enough for that individual to be eligible for retirement benefits. O reduces the benefits Social Security claimants younger than the full retirement age receive when their earnings are above a certain threshold. O is the screening to which spouses and children of Social Security claimants are subject in order to ascertain their eligibility for supplemental benefits. O is the evaluation of whether the present discounted value of taxes paid into the Social Security system are greater or less than the present discounted value of benefits received under the system.Crowd out under Social Security arises because 0 Social Security might induce people to retire later than they otherwise would. 0 most working-age people today believe that Social Security will not exist by the time they retire. 0 people are not aware of Social Security. individuals may reduce other forms of savings for retirement in response to Social Security