Which of the following statements about income and education in the United States is correct?
a. There is no relationship between income and education.
b. At every age, average earnings are higher for those with more education.
c. Average earnings are higher for those with more education, but only if they are over the age of 60.
d. Average earnings are higher for those with more education, but only if they are under the age of 60.
e. Income levels peak at a younger age for those with college educations than they do for those with only elementary educations.
B
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Refer to the above figure. Unexpected contractionary monetary policy has caused the aggregate demand curve to shift to AD2. In the short run
A) the unemployment rate will be larger than the rate before the contractionary monetary policy. B) the unemployment rate will be smaller than the rate before the expansionary monetary policy. C) the unemployment rate will be the same rate as before the expansionary monetary policy. D) the unemployment rate can increase or decrease depending upon how much the LRAS will shift.
In a circular flow diagram,
i. the value of production = income. ii. the value of production = expenditure. iii. expenditure = income. A) i and ii are true statements. B) i and iii are true statements. C) Only iii is a true statement. D) Only i is a true statement. E) i, ii and iii are true statements.
The above figures show the market for oranges. Which figure(s) shows the effect of a new government program that provides each public school child with an orange to start the day?
A) Figure A B) Figure D C) Figures A and C D) Figures A and D
Nominal interest rates are higher than real interest rates as long as
A) expected inflation is positive. B) the government taxes interest income. C) inflation is expected to decline in the future. D) long-term interest rates are higher than short-term interest rates.