The Most Common Explanation for Social Security Payments Accounting for a Larger

question 104

Multiple Choice

The most common explanation for Social Security payments accounting for a larger share of federal government expenditures is

• A)increases in life expectancy.
• B)people becoming eligible for Social Security benefits at an earlier age.
• C)increases in birth rates among teenagers and the poor.
• D)falling payroll tax receipts.

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Definitions:

Price Ceiling

A maximum price set by the government for particular goods and services that cannot legally be charged above to prevent prices from being too high.

Shortage/Surplus

Market scenarios where the demand for a product surpasses its available supply, leading to a shortage, or where the supply of the product is greater than its demand, resulting in a surplus.

Demand Equation

is a mathematical representation that shows the relationship between the quantity of a good demanded and its price along with other factors affecting demand.

Supply Equation

A mathematical formula used to describe the relationship between the price of a good or service and the quantity supplied, holding other factors constant.