Age is a determinant of income because
A) with age typically come experience, education, and training that can increase income.
B) age contributes to costs as medical expenses increase.
C) older workers have accumulated more wealth.
D) older workers have accumulated less wealth.
A
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Which of the following is a valid reason to consider government regulation?
A. Seeking some social objective that markets do not achieve. B. Fear that capitalism will prove too productive. C. Desire on the part of government to be useful. D. Requests for protection for an industry. E. All of the responses are correct.
Suppose price decreases from $27.00 to $13.00. Using the mid-point formula, the percentage change in price is:
A. 0.35 = 35 percent. B. 0.7 = 70 percent. C. 0.7 = 70 percent. D. 14 percent.
One of the sources of cyclical unemployment is the downward rigidity of wages
a. True b. False Indicate whether the statement is true or false
Diminishing returns to capital is a consequence of firms' incentives to use each piece of capital as productively as possible and illustrates the:
A. principle of increasing opportunity costs. B. scarcity principle. C. cost-benefit principle. D. principle of comparative advantage.