Many Sources Assume That a Large Older Population Will Create

question 22

Multiple Choice

Many sources assume that a large older population will create what level of dependence of older people on the young?

• A) low
• B) moderate
• C) variable
• D) high

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Definitions:

Production Function

Describes the relationship between inputs used in production and the resulting output.

Long Run

A period of time in economics during which all factors of production and costs are variable, allowing for full industry adjustment.

Diseconomies Of Scale

Situations where a firm's costs per unit increase as the scale of production increases, typically due to inefficiencies that arise from becoming too large.

Diminishing Returns

A principle stating that if one input in the production of a commodity is increased while other inputs are held fixed, a point will eventually be reached at which additions of the input yield progressively smaller, or diminishing, increases in output.