The age-earnings cycle is an earnings profile of an individual throughout the person's lifetime. The profile shows that
A) earnings usually peak at age 25 and then decline.
B) earnings gradually rise until they peak around age 50.
C) earnings and age have no particular correlation.
D) younger workers have the most productivity.
B
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
The Book Nook reduces prices by 20%. If the dollar value of The Book Nook's sales remain constant, it indicates that: a. the quantity of books sold remains constant. b. the demand curve is horizontal
c. the demand curve is vertical. d. the quantity of books sold increases by 20%.
A U.S. firm called EcoWind produces windmills for households to generate electricity. It uses 25,000 recently obtained pesos to buy copper from a mining company in Argentina. As a result of this exchange, by how much, if at all, and in which direction did: A. U.S. net exports change? B. U.S. net capital outflow change?
The argument that concentration of market power enhances research and development efforts may be weak because
A. No existing monopoly has a research and development program. B. Monopolies cannot afford basic research. C. A monopoly may have no clear incentive to pursue new research and development. D. No one has attempted to gather any empirical evidence.