Devin Was Born in 1950

question 141

Multiple Choice

Devin was born in 1950. As such, he is best classified as part of the ____ generation.

• A) lost
• B) baby-boomer
• C) generation X
• D) millennial

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Definitions:

Laissez-Faire Economy

Literally from the French: “allow [them] to do.” An economy in which individual people and firms pursue their own self-interest without any central direction or regulation.

Excess Supply

A situation where the quantity of a product offered for sale by producers is greater than the quantity demanded by consumers at a given price.

Equilibrium Price

The price at which the quantity demanded by consumers equals the quantity supplied by producers, resulting in market balance.

Government

The organization or system through which a community, state, or nation is governed and regulated.