The age-earnings cycle is
A) the distribution of money income by age.
B) the distribution of wealth by age.
C) the relationship between earnings while working and retirement benefits for an individual.
D) the regular earnings profile of an individual throughout his or her lifetime.
D
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If the Federal Reserve eliminated all reserve requirements the most likely result would be
A) a large number of depository institution failures because they would not have enough liquidity. B) the Federal reserve would be unable to control the money supply. C) banks would no longer be able to clear checks at the Federal Reserve because there would be no required reserves. D) the size of the money multiplier might fluctuate considerably making the Federal Reserve's job of controlling the money supply more difficult.
The general category of taxes that include unit taxes, sales taxes, and customs duties, is known as a(n)
a. excise tax b. internal tax c. external tax d. estate tax e. property tax
When there is an external benefit, the unregulated market
A. overproduces the good or service. B. reaches the most efficient solution. C. maximizes public welfare. D. underproduces the good or service.
The minimum possible short-run average costs are equal to long-run average costs when
A) the plant is producing at its short-run minimum point. B) short-run and long-run costs are declining. C) the long-run curve is at a minimum point. D) production is at any point on the LAC curve.