Describe the relationship between income, education, and age in the United States
Incomes are positively related to education at all age levels. Income rises with age at all education levels
except for those age 60 and over. In this group, the income of the less-educated falls rapidly.
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In order to have a principal agent problem, there must be
a. A market economy b. A dictator and a subordinate c. Asymmetric information d. a situation in which the principal and agent have the same objective e. Both c and d are correct
A perfectly inelastic demand implies that buyers
a. decrease their purchases when the price rises. b. purchase the same amount as before when the price rises or falls. c. increase their purchases only slightly when the price falls. d. respond substantially to an increase in price.
A U.S. firm that buys ______ goods must sell its ______ to pay for those goods.
a. Chinese; Chinese currency to obtain U.S. dollars b. Mexican; U.S. dollars to obtain Chinese currency c. Chinese; U.S. dollars to obtain Chinese currency d. Mexican; Chinese currency to obtain U.S. dollars
If the price of a slice of pizza falls, Tom can
A. buy more pizza with his paycheck. B. buy fewer soft drinks with his paycheck. C. no longer afford pizza on his paycheck. D. Either A or B is possible.