Mid-1960s Amendments to the Social Security Act Created

question 6

Multiple Choice

Mid-1960s amendments to the Social Security Act created

• A)managed care.
• B)Medicare and Medicaid.
• C)major medical insurance.
• D)Blue Cross and Blue Shield.
• E)tax exemptions for health insurance as an employee benefit.

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Definitions:

Real GDP

The calculation of a country's economic activity, modified to reflect price changes like inflation or deflation, showing the real production of goods and services.

Short-Run Aggregate Supply Curve

A graphical representation showing the positive relationship between the price level and the quantity of goods and services supplied in the short term.

Aggregate Demand

Total economic interest in goods and services, marked at a standard price level across a designated period.

Real GDP

Gross Domestic Product adjusted for inflation, measuring the value of goods and services produced in an economy in real terms.