Recall Application 1, "Increasing Life Expectancy and Aging Populations Spur

question 138

Multiple Choice

Recall Application 1, "Increasing Life Expectancy and Aging Populations Spur Costs of Entitlement Programs," to answer
the following questions:
-According to the application, increasing life expectancy would affect the budget because

• A) as the population grows older, Medicare payments would increase.
• B) as the population grows older, Medicaid payments would increase.
• C) as the population grows older, the Social Security payments will increase.
• D) all of the above are correct

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Definitions:

Price Ceiling

A legally imposed limit on the price that can be charged for a good or service.

Shortage

A situation in which the demand for a product or service exceeds its supply in a market.

Units

Units refer to the individual, standardized quantities of a product or measurement used for counting, assessment, or comparison.

Government Program

A plan or project undertaken by a government to provide public services, address social issues, or achieve economic objectives.