Which of the following is correct?
a. Incomes tend to be high for young workers.
b. Incomes tend to rise sharply at retirement.
c. Incomes tend to peak at around age 50.
d. Current income is more equally distributed than permanent income.
c
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Refer to Figure 19-11. The graph above depicts supply and demand for British pounds during a trading day, where the quantity is millions of pounds. In order to support a fixed exchange rate of $2.00 per pound, the British central bank must
A) buy 0.6 million pounds per trading day. B) sell 1.2 million pounds per trading day. C) buy 1.2 million pounds per trading day. D) sell 0.6 million pounds per trading day.
All else constant, an increase in the price of labor would cause the total amount of output that can be produced with a fixed amount of spending to ________. This would result in a movement to a ________ isoquant
A) increase; lower B) increase; higher C) decrease; lower D) decrease; higher
While legislation enacted in 1998 granted the Bank of Japan new powers and greater autonomy, its critics contend that its independence is
A) limited by the Ministry of Finance's veto power over a portion of its budget. B) too great because it need not pursue a policy of price stability even if that is the popular will of the people. C) too great since the Ministry of Finance no longer has veto power over the bank's budget. D) limited since the Ministry of Finance can dismiss senior bank officials.
Which of the following calculations is necessary to determine whether a regulation should be implemented?
a. Marginal cost-marginal revenue calculations b. Cost effectiveness calculations c. Total cost-total revenue calculations d. Cost minimization calculations e. Cost-benefit calculations