The economy is in an expansion when it is
A) moving from a peak to a trough.
B) moving from a trough to a peak.
C) at its peak.
D) at its trough.
B
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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.
We use the midpoint formula in computing the price elasticity of demand coefficient in order to:
A. Make the coefficient value become independent of whether price goes up or down B. Convert absolute changes into percent-changes C. Eliminate the negative sign of the coefficient D. Make the coefficient become equal to the slope of the demand curve