About Half of the U

question 57

Multiple Choice

About half of the U.S. budget consists of social security, Medicare, and Medicaid. Which of the following is not true about these important expenditures?

• A)These are known as entitlement programs.
• B)These programs are expected to remain relatively constant in coming years.
• C)Social security and Medicare provide income and health care for the elderly, and Medicaid provides health care for people and families with very low incomes.
• D)All of the above represent true facts.
• E)None of the above are true facts.

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Definitions:

Price

The cash amount forecasted, required, or paid out for acquiring something.

Normal Good

A product or service for which demand increases as consumer income increases, and vice versa, demonstrating a direct relationship between income and demand.

Income

The financial gain earned by an individual or entity, typically through wages, investments, or other forms of revenue.

Demand

The desire to own goods or services combined with the ability and willingness to pay for them.