Given the current structure of health-care finance, which of the following is most likely to occur when the baby boom generation begins to retire and the elderly population increases rapidly during the years following 2010?
a. The demand for health-care services will decrease.
b. The prices of health-care services will grow less rapidly than has been the case during the last three decades.
c. The real (adjusted for inflation) expenditures on Medicare and the taxes to finance the program will tend to decline.
d. The health-care inflation and spending growth of recent decades will continue or even accelerate.
D
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Mary increases her consumption of Good X after the price of Good Y decreased. For Mary
A) Good X and Good Y are substitutes. B) Good X and Good Y are complements. C) Good X is an inferior good. D) Good Y is an inferior good.
Torrie is thinking of starting up a small business selling hand-painted wine glasses. She is considering setting up her business as a sole proprietorship. What is one advantage to Torrie of setting up her business as a sole proprietorship?
A) As a sole proprietor, Torrie would face limited liability. B) As a sole proprietor, Torrie would have the ability to share risk with shareholders. C) As a sole proprietor, Torrie would have both ownership and control over the business. D) All of the above would be advantages of setting up her business as a sole proprietorship.