In Australia, It Is Expected That by About 2050 There

question 16

Multiple Choice

In Australia, it is expected that by about 2050 there will be approximately:

• A) 2.7 people in working age groups for each retired person
• B) 3.5 people in working age groups for each retired person
• C) 5.0 people in working age groups for each retired person
• D) 4 males in working age groups and 2.5 females in working age groups for each retired person

---

Definitions:

Marginal Costs

The amount spent to produce a further unit of a good or service.

Deadweight Loss

A loss of economic efficiency that can occur when equilibrium for a good or service is not achieved or is not achievable.

Coefficient Of Monopsony

A measure indicating the degree of market power held by a single buyer in a market.

Elasticity Of Supply

A measure of how much the quantity supplied of a good responds to a change in the price of that good, with higher elasticity indicating a greater response.