The age-earning cycle predicts that a typical person will
A) be earning $50,000 in the year 2010.
B) be earning the lowest income right before retirement.
C) be earning the highest income right before retirement.
D) be earning the highest income at about the age 45-50.
Answer: D
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The marginal cost curve is
A) downward sloping to reflect the bowed out PPF. B) downward sloping as marginal benefits increase. C) upward sloping because marginal cost falls as more of a good or service is produced. D) upward sloping to reflect the increasing opportunity cost of producing one more unit. E) U-shaped to reflect the bowed out PPF.
Contractionary fiscal policy involves decreasing government purchases or increasing taxes
Indicate whether the statement is true or false
An economy's total labor income is $2 trillion, and total capital income is $1 trillion. In the Cobb-Douglas production function, the exponent on capital is ________
A) two-thirds B) one-half C) one-third D) 0.3 E) none of the above
Several arguments suggest that low-income countries might have an advantage achieving greater worker productivity and economic growth in the future. Give two such arguments