In the United States Today, About What Percent of the Population

question 3

Multiple Choice

In the United States today, about what percent of the population is age 65 or older?

• A) 2%
• B) 6%
• C) 12%
• D) 19%

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Definitions:

Supply and Demand

The fundamental economic model describing how prices vary as a result of a balance between the quantity of a good or service available and the quantity desired by consumers.

Real Price

Price of a good relative to an aggregate measure of prices; price adjusted for inflation.

Supply Curve

A graphical representation that shows the relationship between the price of a good or service and the quantity of that good or service that a seller is willing and able to supply, usually depicted as upward sloping.

Real Price

The price of a good or service after adjusting for inflation, reflecting its true purchasing power over time.