The Age of the Earth Is About

question 35

Multiple Choice

The age of the Earth is about

• A) 12.7 billion years.
• B) 4.7 billion years.
• C) 2.5 billion years.
• D) 540 million years.
• E) 250 million years.

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Definitions:

No-Name Brand

Products that are sold without a brand name, often at a lower price compared to branded products.

Producer Surplus

The difference between the amount that producers are willing and able to sell a product for and the actual amount they do sell it for.

Consumers Surplus

The gap between the aggregate sum consumers are ready and capable of paying for a good or service versus what they actually shell out.

Elastic Demand

A market condition where the quantity demanded of a good or service significantly changes in response to a change in price.