The age-earnings profile for most people indicates
A) earnings rise continually until a person retires.
B) earnings initially decline and then rise continually until retirement.
C) that when you adjust for inflation, earnings are constant throughout the entire workplace experience.
D) earnings rise until the age of about 50 and then begin to fall until retirement.
D
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Milky Moo and Mega Cow are the only sellers of milk. Milky Moo's supply function is QsMMoo = 12P - 6 at prices above $0.50 and zero at prices below $0.50. Mega Cow's supply function is QsMCow = 9P - 3 at prices above $0.33 and zero at prices below $0.33. In this case, the market supply curve for milk is:
A. kinked at a price of $0.33. B. kinked at a price of $0.50. C. downward sloping. D. an upward sloping straight line.
Which of the following is not an example of a flow variable?
a. The amount of income that a person earns each month b. The amount of interest that a savings account earns each week c. The amount of money in a savings account d. The amount of taxes that a person pays each year e. All of these are flow variables
A balanced budget would require that when real GDP was growing rapidly,
a. the government raise taxes or cut expenditures. This would increase the magnitude of economic fluctuations. b. the government raise taxes or cut expenditures. This would decrease the magnitude of economic fluctuations. c. the government cut taxes or raise expenditures. This would increase the magnitude of economic fluctuations. d. the government cut taxes or raise expenditures. This would decrease the magnitude of economic fluctuations.
The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A