Why have poverty rates fallen for the elderly since 1960? What ...

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Why have poverty rates fallen for the elderly since 1960?
 
  What will be an ideal response?

Question 2

A firm's cost of production equals ________.
 
  A. all the costs paid with money, called explicit costs
  B. the implicit costs of using all the firm's own resources
  C. all explicit costs and implicit costs, excluding normal profit
  D. the costs of all resources used by the firm whether bought in the marketplace or owned by the firm

[mk6555]

Answer to Question 1

The drop in poverty rates among the elderly that has occurred since 1960 is due in part to the increase in government programs for the elderly. Increases in Social Security, Supplemental Security Income and Medicare have played a role in contributing to the reduction in the number of poor elderly in the United States.

Answer to Question 2

D A firm's costs include the opportunity costs of all the resources it uses.

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Thank you

[mk6555]

Happy to help you