The normal life-cycle pattern of income reflects differences in earnings based on
a. race and education
b. gender and education
c. age and education
d. race
e. household size
C
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Trends in economic growth of South Korea have been significantly different from the trends in economic growth of North Korea. This is primarily because
A) North Korea has inclusive institutions while South Korea has extractive institutions. B) quality of agricultural land is better in North Korea than in South Korea. C) quality of agricultural land is better in South Korea than in North Korea. D) South Korea has inclusive institutions while North Korea has extractive institutions.
One of the major political developments of the past several decades is the growing size and economic/monetary integration of the European Union. What effect do you think this will have on international trade between countries?
What will be an ideal response?
According to the quantity theory of money, an excess quantity of money supplied will lead to
A) a reduction in spending and higher interest rates. B) a reduced level of real Gross Domestic Product (GDP). C) a higher level of employment. D) a higher price level.
List three different ways that a risk-averse person can reduce financial risk