As baby-boomers reach retirement age and draw on Social Security and Medicare,
a. the Social Security Trust Fund will switch from running a deficit to a surplus.
b. unfunded promises included in the federal budget will decrease.
c. expenditures on these programs will increase the size of the federal debt.
d. the federal debt as a share of GDP will decrease.
C
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Tasha decides that when homes in her neighborhood are selling for $150,000 she will not sell her home. When average prices rise to $175,000, she decides that she will put her home on the market. This is an example of:
a. market demand. b. market-day supply. c. an excess supply of homes. d. a positively-sloped supply curve. e. a negatively-sloped supply curve.
Voluntary recycling is available in many parts of the country. If citizens of these areas have collected recyclable material at home, they can bring it to a recycling center. These materials reduce landfill space, reduce the need for virgin material extraction, and provide an inexpensive input in many production processes. The information in this question suggests what about areas without
voluntary recycling? a. Externalities exist. b. There is mandatory recycling. c. Raw materials are less expensive. d. The cost of production is higher. e. Nothing.