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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What will be the principal and most immediate effect on the supply or demand of raw cotton grown in the United States if a low-cost process for making cotton cloth wrinkle-free is developed?
A) Decrease in demand B) Decrease in supply C) Increase in demand D) Increase in supply
Examples of comparative advantage show how trade between two countries can make each better off. Compared to their pre-trade positions, trade makes both countries better off because in each country
A) total employment is greater. B) total welfare is greater. C) total consumption of goods is greater. D) wages are higher.