The typical age-earnings cycle shows that
A) there is a positive relationship between age and earnings that eventually turns into a negative relationship.
B) there is a constant positive relationship between age and earnings.
C) there is a constant negative relationship between age and earnings.
D) there is no relationship between age and earnings.
A
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List the economic functions of governments
What will be an ideal response?
The number of workers hired by a firm at a particular wage rate can be calculated if you know which of the following?
a. c and d. b. Product supply curve. c. Marginal product of labor. d. Marginal factor cost. e. Marginal revenue product of labor.
If income rises
A. the demand curve will stay the same since only price effects it. B. the demand curve will shift right. C. the demand curve will shift left. D. one cannot tell which way demand shifts with the information given.
Suppose there's an unanticipated increase in the rate of inflation. Which of the following is likely to be true?
a. Workers whose nominal wages are set at the beginning of the year are likely to suffer a decrease in real wages. b. Creditors who made loans based on the anticipated rate of inflation will earn a higher real interest rate than they expected. c. The real value of outstanding loan balances of debtors will increase. d. Workers whose nominal wages are set at the beginning of the year are likely to enjoy an increase in real wages.