11 May Question26)The regular earnings profile of an individual through
Question
26)The regular earnings profile of an individual throughout his or her lifetime is A) the Lorenz curve.
B) the age-earnings cycle. C) wealth.
D) income-in-kind.
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27)Which of the following statements are correct about the age-earnings cycle? A) Earnings generally increase up till age 30 and then steadily decrease.
B) Earnings increase throughout a prison’s lifetime until they reach retirement.
C) Earnings increase with age because workers become more productive as they age until around 50 years. Around 50 the effects of aging outweighs the further increases in productivity.
D) Since every person is different we can reach no general conclusions about the age-earnings cycle.
28) The earnings of most people
A)increase steadily until retirement.
B)increase with age until around age 50 due to increased experience, training, and hours worked.
C)increase with age until around age 40 due to increased experience and hours worked.
D)increase with age until around age 60 due to increased experience, training, and hours worked, then level off as hours worked levels off.
29)Suppose all people have the same age-earnings profile and the percent of the population in each age category is the same. The distribution of income at any point in time will be
A) equal because all have the same profile.
B) equal because incomes and wealth levels must then be the same. C) unequal because other sources of income will differ.
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