Demographers Predict That the Average Age of the Population of the U.S.will

question 25

Multiple Choice

Demographers predict that the average age of the population of the U.S.will increase.One result will be an increase in the demand for nurses.Assume that the graph below describes the current nursing labor market in a mid-sized city,and that the market is a competitive one.
Suppose that several years ago the supply of nurses in this city was as shown as Supply A.Suppose further that the nursing market had been in equilibrium at that time and that wages did not change when supply changed to Supply,current.(Assume that demand has remained stable at Demand,current. ) The result is that nurses earn _____ and

• A) $40;more than 100 nurses work per hour.
• B) $40;there is a nursing shortage.
• C) $50;there are many nurses willing to work for $40 who are unable to find a job.
• D) $50;other labor markets adjust to restore equilibrium in all markets.

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Definitions:

Major

In an academic context, it refers to the primary focus or specialization of study selected by a college or university student.

College Apparel

Merchandise such as clothing, accessories, and souvenirs branded with college or university logos, typically sold on campuses or specialty retailers.

Social Security

Social Security is a government program that provides financial assistance to retirees, disabled workers, and survivors of deceased workers, primarily funded through payroll taxes.

Retire Later

The decision or trend of extending one's career or working life beyond the traditionally accepted retirement age.