Which Is the Only Place in the World Where the Majority

question 55

Multiple Choice

Which is the only place in the world where the majority of the population is under 25 years of age?

• A) India and Pakistan
• B) Sub-Saharan Africa
• C) Brazil
• D) China

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Definitions:

Above-Equilibrium Wage

A wage rate higher than the market equilibrium wage, which can lead to unemployment due to the excess supply of labor.

Minimum-Wage Laws

Legislation that sets the lowest hourly rate that employers are allowed to pay their workers.

Unions

Organizations formed by workers from related sectors to negotiate collectively with employers over wages, benefits, and working conditions.

Efficiency Wages

Above-equilibrium wages paid by firms to increase worker productivity.