One reason earnings tend to fall before retirement age is that
A) the experience of people is no longer valuable after they are 50 or 55.
B) people tend to reduce the number of hours they work after age 50.
C) people are retiring earlier.
D) firms discriminate against older workers.
Answer: B
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The economic problem refers to
A. not having enough money. B. the attempt "to secure the greatest amount of pleasure with the least possible outlay". C. the notion that the wealth of nations depends on that country's ability to produce goods and services. D. None of the choices are true.
With regard to the Constitution and its interpretation,
(a) the powers reserved for the states included the police powers—local rules, laws and ordinances, including licensing, inspection and the regulation of local business activities. (b) the "common law of England" was in effect, claimed as the right of all Americans and still enforced by England. (c) England was consulted in cases of ambiguity over interpretation of the common law policy. (d) none of the above are true.
If the GDP deflator in 2011 was 130 compared to a value of 100 during the 2005 base year, this would indicate that
a. the inflation rate during 2011 was 30 percent. b. the general level of prices during 2011 was 30 percent higher than during 2005. c. the inflation rate during 2011 was 130 percent. d. nominal GDP grew by 30 percent during 2011. e. real GDP was 30 percent higher in 2011 than 2005.
Public choice analysis indicates that it will be politically more attractive to
a. enact restrictive fiscal policy during an economic expansion than to enact expansionary fiscal policy during a recession. b. enact expansionary fiscal policy during an economic expansion than to enact restrictive fiscal policy during a recession. c. enact expansionary fiscal policy during a recession than to enact restrictive fiscal policy during an economic expansion. d. raise taxes than to increase spending.