Which of the Following Best Explains Why Older People Approaching

question 43

Multiple Choice

Which of the following best explains why older people approaching retirement age have no intention of retiring?

• A)Many employers want to stay away from the costs of hiring a younger crowd and refuse to retire the older workers.
• B)Older workers typically occupy the best-paid jobs and hence prevent the hiring of younger workers.
• C)Improved health of older people in general, in combination with the decreased physical labor in many jobs has made working longer a viable option.
• D)Employers are ignoring situations where it is more expensive to pay for an older worker's experience than hire younger employees.
• E)Statistical forecasting results have shown that older people are an asset to an organization's economic strength.

Understand the impact of the internet and celebrity endorsements on product demand and consumer behavior.

Recognize the application of behavioral economics in understanding consumer choices.

Understand the role and implications of product innovation in improving standards of living.

Grasp the economic reasons behind firms' product and pricing decisions.

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Definitions:

Job Security

Refers to the likelihood that an individual will keep their job without the risk of becoming unemployed.

Knowledge Workers

Employees whose main contribution to the organization is specialized knowledge, such as knowledge of customers, a process, or a profession.

Slow Economy

A state of economic growth that is lower than expected or desired, often characterized by reduced consumer spending, low industrial production, and increased unemployment rates.

Virtual Teams

Groups of individuals who work together from different geographic locations and rely on communication technology such as email, video conferences, and messaging apps to collaborate.