Given the current structure of the Social Security and Medicare programs, the retirement of the baby boom generation during the years following 2012 will be most likely to
a. reduce government expenditures on health care and income transfers.
b. increase government expenditures on health care and income transfers.
c. result in large budget surpluses.
d. result in lower tax rates.
B
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The most dramatic and rapid increases and decreases in exchange rates occur in the
a. very short run b. short run c. long run d. very long run e. triangular arbitrage market
Use the following diagram to answer the next question.
Assume the economy is initially at the full employment level of real GDP. An increase in consumption will ________.
A. reduce the full employment level of real GDP B. reduce the unemployment rate C. reduce output in the economy D. reduce the price level
Between 2006 and 2008 the poverty rate
A. rose by about one percent. B. fell by about one percent. C. rose by around three percent. D. fell by about three percent.
Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y2. C. P3 and Y1. D. P2 and Y3.