An Increase in Life Expectancy Has Caused One Aspect of Family

question 42

Multiple Choice

An increase in life expectancy has caused one aspect of family life to change.Which of the following best illustrates this change?

• A)Adults are likely to spend more years caring for both younger and older generations in their family.
• B)Adults spend fewer years in occupational roles and therefore have more time to spend with their family.
• C)Parents have more children,and the average family size is larger than ever before in history.
• D)Multi-generation families are much more rare than was true a generation ago.

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Definitions:

Monopsony

A market situation where there is only one buyer for a product or service, giving the buyer substantial control over the market price.

Collude

The act of cooperating or conspiring, especially in a secretive manner among firms, to limit competition or manipulate market prices.

Labor Supply Curve

A graphical representation showing the relationship between the wage rate and the quantity of labor workers are willing to offer at those wages.

Marginal Cost

The cost incurred in producing one additional unit of a product or service, a key concept in economics to optimize production levels.