The age-earning cycle
A. depicts differences in the relationship between age and earnings across countries.
B. shows the average incomes of people broken down by age categories.
C. is an earnings profile of an individual throughout his or her lifetime.
D. shows the earnings differences by age and by gender.
Answer: C
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According to the U.S. Supreme Court's 1920 ruling on U.S. Steel,
a. all monopolies are illegal b. all oligopolies violate the Sherman Antitrust Act c. large firms cannot be found to be in violation of the Sherman Antitrust Act d. "mere size is no offense" e. possession of market power is sufficient for a firm to be found in violation of the Sherman Antitrust Act
Which of the following examples would most likely result in a decrease in supply?
a. A warm spell causes cotton to ripen early. b. A new manufacturing methods speeds bicycle production. c. A flood has a devastating effects on the tea crop. d. A new irrigation method spurs alfalfa yields.
Who from among the following is counted as employed?
A. Ray wants to work forty hours per week, but can only find work for twenty hours per week. B. Aikira has been offered several jobs in the past four weeks, but has chosen not to accept any of the offers. C. Frank would like to work, but has not looked for work because he believes no jobs are available. D. Anna Marie spends all of her time taking care of her children at home.
Use the ZZ-Y model presented in chapter 3 to illustrate the effects of a reduction in consumer confidence on the economy. Also, explain what effect this reduction in consumer confidence has on the economy
What will be an ideal response?