In a Recent Large, Diverse Survey of College and Noncollege

question 43

Multiple Choice

In a recent large, diverse survey of college and noncollege young adults between the ages of 18 and 35, ____ reported feeling "somewhat like an adult."

• A) 56%
• B) 66%
• C) 76%
• D) 86%

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Definitions:

Producer Surplus

The additional income a producer receives for selling a good or service above its production cost.

Tax

A tax is a compulsory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization.

Consumer Surplus

The discrepancy between the amount consumers are prepared to spend on a product or service and the actual price they pay.

Consumer Surplus

The gulf between the aggregate amount consumers are willing to allocate for a good or service and what they actually end up paying.