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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Marginal utility theory predicts that as the price of coffee rises, the ________ a substitute for coffee ________ and the ________ coffee ________
A) supply of; increases; demand for; decreases B) supply of; decreases; supply of; increases C) demand for; increases; quantity demanded of; decreases D) demand for; decreases; demand for; increases
Which of the following must be true of a commodity for it to be used as money?
a) It must be backed by gold. b) It must be made of paper or metal. c) It cannot have intrinsic value. d) It must be readily accepted by many people.