The age-earnings profile predicts that earnings will peak at
A. the 35-40 age level.
B. the 45-50 age level.
C. the 60-65 age level.
D. retirement.
Answer: B
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What does the PPI measure?
A) the level of production of goods and services generated in the economy in a given year B) the average of the prices received by producers of goods and services at all stages of the production process C) the average change in the prices paid for all goods produced in the economy over a given year D) the difference between the prices consumers pay for goods and services and the prices producers pay for goods and services
The manager of Steel Works learns of a new technological interdependency between the intermediate stage and the final stage of production. If Steel Works currently contracts with another firm for the final stage of production, which of the following is true?
A) The manager has less of an incentive to integrate forward. B) The manager has less of an incentive to integrate backward. C) The manager has more of an incentive to integrate backward. D) The manager has more of an incentive to integrate forward.
Which of the following best defines productive efficiency?
a. Producing without waste b. Producing what society prefers c. Selling goods at the lowest cost d. Competing with identical goods
The relationship between quantity supplied and the price of output is such that
A. an increase in quantity will automatically lead to a reduction in price. B. an increase in price will lead to an increase in quantity supplied. C. quantity will decrease as the number of firms increases. D. an increase in price will produce an inward shift in the supply curve.