Under the current structure of Medicare, the movement of the baby boom generation into the retirement phase of life will
a. increase the demand for medical services and the share of those services financed by third parties.
b. push both healthcare prices and expenditures upward.
c. cause Medicare expenditures to increase and necessitate the need for higher taxes to finance the program.
d. do all of the above.
D
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The above figure shows the production possibility frontier for an economy. The point or points that are attainable are
A) points B and C. B) points A, B, and C. C) point E. D) points A, B, C, and D. E) points A and D.
Does inoculation against chicken pox have both private and external benefits?
What will be an ideal response?
A time-series graph showing total production in Japan from 1960 to 2010 shows a positive trend. It is the case that total production
A) fell every year between 1960 and 2010. B) rose every year between 1960 and 2010. C) was lower in 2010 than in 1960. D) was higher in 2010 than in 1960.
Which of the following describes a situation in which demand must be elastic?
a. Total revenue increases by 15 percent when the price of corndogs rises by 15 percent. b. Total revenue increases by less than 15 percent when the price of corndogs rises by 15 percent. c. Total revenue decreases by more than 15 percent when the price of corndogs rises by 15 percent. d. Total revenue increases by $15 when the price of corndogs rises by $15. e. Total revenue increases by more than $15 when the price of corndogs rises by $15.