Presently, there is a minimum and maximum social security benefit paid to retirees. between these two bounds, a retiree's benefit level depends on how much she contributed to the system over her work life. suppose social security was changed so that everyone aged 65 years or older was paid $12,000 per year regardless of how much she earned over her working life or whether she continued to work after the age of 65. how would this likely affect hours worked of retirees? [hint: you should consider income and substitution effects.]

Clooney corp. establishes a petty cash fund for $225 and issues a credit card to its office manager. by the end of the month, employees made one expenditure from the petty cash fund (entertainment, $20) and three expenditures with the credit card (postage, $59; delivery, $84; supplies expense, $49).record all employee expenditures, and record the entry to replenish the petty cash fund. the credit card balance will be paid later. (if no entry is required for a transaction/event, select "no journal entry required" in the first account record expenditures from credit card and the petty cash fund.