Projections by Experts Are That by the Year 2020, _______

question 56

Multiple Choice

Projections by experts are that by the year 2020, _______ of the total U.S. population will be over the age of 75 years.​

• A) ​over 10%
• B) ​below 5%
• C) ​above 6%
• D) ​about 20%

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Definitions:

Inputs

Resources such as labor, materials, and capital that are used in the production process to produce goods and services.

Output

The total amount of goods or services produced by a company or country.

Economies of Scale

Cost advantages that enterprises obtain due to their scale of operation, typically characterized by a reduction in average costs with increased production.

Minimum Efficient Scale

The smallest scale of production a firm can achieve while still taking full advantage of economies of scale in terms of costs per unit.