The earnings of most people
A. increase with age until around age 60 due to increased experience, training, and hours worked, then level off as hours worked levels off.
B. increase with age until around age 40 due to increased experience and hours worked.
C. increase steadily until retirement.
D. increase with age until around age 50 due to increased experience, training, and hours worked.
Answer: D
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Fiscal policy is most effective when
A) I is very sensitive to r. B) LP is not very sensitive to r. C) LP is very sensitive to r. D) I is not very sensitive to r.
William Nordhaus' depletion hypothesis
A) is an attempt to explain the drop in the multifactor productivity growth rate between 1913 and 1964. B) suggests that depletion of natural resources may explain part of the drop in multifactor productivity growth. C) suggests that a drop in the rate at which new inventions are made may explain part of the drop in multifactor productivity. D) B and C E) all of the above
Monopolistically competitive firms do not achieve productive efficiency because
a. entry of firms raises production costs in the long run b. barriers to entry allow profit to be earned in the long run c. price is greater than marginal cost at the profit maximizing output level d. profit is maximized at a quantity where average total cost is not minimized e. there is no threat of entry in the long run
Under the theory of perfect competition, firms and buyers know the availability and prices associated with all products in the market.
Answer the following statement true (T) or false (F)