"The typical age-earning cycle provides evidence of economic discrimination by age." Do you agree or disagree? Why?

What will be an ideal response?

Disagree. The typical age-earning cycle starts with a low income, builds gradually to a peak at around age 50, and then gradually drops until it approaches zero at retirement. The variations of earning by age, however, reflect many economic factors other than age, including work experience and productivity, and the number of hours per week that are worked. Therefore, the age-earning cycle alone is not evidence of age discrimination.

Economics

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The price system always works instantaneously

Indicate whether the statement is true or false

Economics

Which of the following statements about the Supplemental Security Income (SSI) program is FALSE?

A) It is designed to establish nationwide minimum incomes for the aged, the blind, and the disabled. B) Benefits are based on need. C) Recipients who receive benefit payments under Social Security are also eligible for SSI. D) It covers children and individuals with mental disabilities, including drug addicts and alcoholics.

Economics