Recall the Application about how society will cope with increased demands for entitlement programs to answer the following question(s). This Application addresses the impact of increasing life expectancy and aging populations on the costs of government entitlement programs such as Social Security, Medicare and Medicaid, and examines several possible solutions to the potential problem.According to this Application, current spending on federal retirement and health programs accounts for 10 percent of GDP. Experts estimate that this spending component's share of GDP ________ by the year 2075.
A. is likely to shrink
B. will more than double
C. will remain constant
D. will grow moderately initially then taper off
Answer: B
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Which of the following is most likely to increase an individual's future spending?
A) Paying back a loan in the future B) Borrowing money today C) Depositing money in the future D) Withdrawing money in the future
Which of the following is an example of an intermediate good as counted in GDP?
A. a drill used by a professional carpenter B. a computer owned by Amazon that processes orders C. lumber used in the construction of a new home D. a delivery truck owned by FedEx
The first official statement of goals for macroeconomic performance in the United States came with the passage of the
A) Federal Reserve Act of 1913. B) Employment Act of 1946. C) Great Depression Act of 1933. D) Full Employment and Balanced Growth Act of 1978.
Agricultural support and rural development programs account for nearly half of the EU budget
Indicate whether the statement is true or false