Which of the Following Describes the Group of Americans Born

question 76

Multiple Choice

Which of the following describes the group of Americans born between 1946 and 1964 who will be retiring in large numbers over the next 20 years?

• A) the baby-boom generation
• B) Generation X
• C) Generation Y
• D) the World War II generation
• E) the Social Security generation

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Definitions:

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in its price, with elasticity referring to the degree of responsiveness.

Good Substitutes

Products or services that can be used in place of each other, having a high cross-elasticity of demand.

Income Elasticity Coefficient

A measure indicating how much the quantity demanded of a good responds to change in consumer income.

Recessions

Periods of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in successive quarters.