Age is a determinant of income because
A. age contributes to costs as medical expenses increase.
B. with age typically come experience, education, and training that can increase income.
C. older workers have accumulated more wealth.
D. older workers have accumulated less wealth.
Answer: B
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If only two people are trading their endowments and no production is possible, then the equilibrium they reach will
A) be on their contract curve. B) result in unequal marginal rates of substitution for the two people. C) result in one person being worse off than with his or her endowment. D) All of the above.
Which of the following is true?
a. The close link between personal income and provision of productive resources to others provides individuals with a strong incentive to develop skills. b. Income can be taxed away from some and transferred to others without altering the incentive to engage in productive activities. c. Holding technology constant, the size of the economic pie available for distribution among economic participants is fixed. d. In a democratic setting, the government's tax and spending policies can redistribute income without influencing the size of the economic pie. e. Both b and d are correct.
The National Banking Acts of 1863 and 1864 gave the federal government power to do all the following except _____.
(A) Require banks to hold gold and silver reserves. (B) Seize the assets of any individual. (C) Charter banks. (D) Issue a single national currency.
An import is a product:
A. produced in and purchased by residents of the home country. B. produced in and sold to the residents of a foreign country. C. produced in the home country and sold in another country. D. produced in a foreign country and purchased by the residents of the home country.