The Fourth Age Is a Time of Life That Corresponds

question 4

Multiple Choice

The fourth age is a time of life that corresponds best with _________.

• A)the young-old years
• B)ages 60 to 70
• C)age 80 and older
• D)ages 65 to 85

---

Definitions:

Inferior Good

A type of good for which demand decreases as the income of the consumer increases, contrary to what happens with a normal good.

Net Supplier

An entity that provides more of a good or service to the market than it consumes from it.

Normal Good

A category of product that sees a rise in demand as the consumer's income grows, indicating a direct correlation between income levels and demand.

Backward-Bending

Refers to the backward-bending supply curve of labor, indicating that beyond a certain wage level, labor supply decreases as income and substitution effects impact workers' willingness to work.