Which of the following statements are correct about the age-earnings cycle?
A) Earnings generally increase up till age 30 and then steadily decrease.
B) Earnings increase throughout a prison's lifetime until they reach retirement.
C) Earnings increase with age because workers become more productive as they age until around 50 years. Around 50 the effects of aging outweighs the further increases in productivity.
D) Since every person is different we can reach no general conclusions about the age-earnings cycle.
Answer: C
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
Which of the following account for the largest portion of state and local government receipts?
A) Individual income taxes B) Corporate income taxes C) Miscellaneous taxes and fees D) Property taxes
Which of the following is not considered a factor contributing to economic growth?
a. Growth in the quantity and quality of labor resources used
b. Growth in physical capital inputs (machines, tools, buildings, and inventories)
c. Growth in the money supply relative to the growth of final goods and services
d. Government protection of property rights
Refer to the diagram. An increase in quantity supplied is depicted by a:
A. move from point y to point x.
B. shift from S 1 to S 2 .
C. shift from S 2 to S
D. move from point x to point y.