If the Price of a Good or Service Rises, Households

question 281

Multiple Choice

If the price of a good or service rises, households have to choose whether to buy less of that good or service or spend less on other goods and services.When doctors and/or nurses demand pay increases, provincial governments

• A)cut back on their total spending on health care.
• B)increase spending on other programs.
• C)automatically increase sales taxes to pay for the increased spending on health care professionals.
• D)must either cut back on other programs, hire fewer doctors and/or nurses, or increase taxation.

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Definitions:

World's Population

The total number of people living on Earth, which is subject to change due to birth rates, death rates, and migration patterns.

Seniors

Older adults or individuals who are typically 65 years or above, often considered as a demographic group with specific health, economic, and social needs.

Young-Old

A term often used to describe the segment of the elderly population considered to be in better health and more active than those who are older and potentially less healthy.

Old-Old

Refers to individuals who are roughly 85 years old or older, often highlighting distinctions in needs, health, and social aspects from younger elderly populations.