Millionaires tend to be older than the general population because
a. older workers generally have more education than younger workers.
b. many achieve millionaire status by saving from a relatively modest income, and this will take a lengthy period of time.
c. the earnings of most people peak during the retirement phase of life.
d. older people have less to do, and therefore, they have more time to come up with innovative ideas.
B
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Consider the following:
(i) Suppose a competitive industry has some factor of production whose supply is perfectly inelastic. As the demand for the industry's product rises and falls, what happens to the factor's employment and its rent? (ii) Repeat part i for the case where factor supply is perfectly elastic.
Which of the following is true of the specificity rule?
A. According to the specificity rule, government policy should target as closely as possible the source of the distortion that separates private and social benefits (or costs). B. According to the specificity rule, only specific industries should be allowed to participate in government lobbying. C. The specificity rule posits that a tariff imposed on a good favors only the interests of a specific group within a country. D. The specificity rule suggests that tariffs should be imposed only on specific products.
Suppose real disposable income increases by $500. Given this information, we know that
A. consumption will generally increase by more than $500. B. consumption will generally increase by exactly $500. C. saving will generally increase by exactly $500. D. consumption will generally increase by less than $500.
Points outside a production possibility frontier represent inefficiency.
Answer the following statement true (T) or false (F)