Which of the following statements are correct about the age-earnings cycle?
A) Earnings generally increase up till age 30 and then steadily decrease.
B) Earnings increase throughout a prison's lifetime until they reach retirement.
C) Earnings increase with age because workers become more productive as they age until around 50 years. Around 50 the effects of aging outweighs the further increases in productivity.
D) Since every person is different we can reach no general conclusions about the age-earnings cycle.
C
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Suppose there is a rise in the real wage rate. As a result, the quantity of labor demanded
A) increases. B) decreases. C) does not change because there is no change in the money wage rate. D) increases only if the price level also decreases.
Which of the following would cause a change in the quantity demanded of a product?
A) a higher price B) a higher income C) expectations of future price increases D) All of the above are correct.
The heteroskedasticity-robust _____ is also called the heteroskedastcity-robust Wald statistic.
A. t statistic B. F statistic C. LM statistic D. z statistic
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Macro AD-AS Model
In Exhibit 14A-4, the self-correction argument is that in the long run, competition:
A. from unemployed workers causes an increase in nominal wages and a leftward shift in SRAS. B. from unemployed workers causes a rightward shift in SRAS. C. among firms for workers increases nominal wages and this causes a leftward shift in SRAS. D. among consumers causes an increase in the CPI and a rightward shift in SRAS.