Current Projections Predict the Number of U

question 8

Multiple Choice

Current projections predict the number of U.S. workers per retiree in 2030 to be

• A)16.
• B)6.1.
• C)3.3.
• D)2.2.

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Definitions:

Elastic

In economics, elastic refers to how the quantity demanded or supplied of a good responds to changes in its price; high elasticity indicates sensitivity to price changes.

Cross-price Elasticity

Cross-price Elasticity measures the responsiveness of the demand for one good to a change in the price of another good.

Elasticity of Supply

A measure of how much the quantity supplied of a good changes in response to a change in price.

Cross-price Elasticity

A measure of how the demand for one good changes in response to changes in the price of another good.