Why doesn't the age-earning cycle continuously increase until retirement age?
What will be an ideal response?
The typical worker sees a decline in earnings as he or she approaches retirement because people tend to reduce their hours worked, and have lower stamina and strength. The detrimental effects of aging tend to overcome the increases in productivity due to experience and training.
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The example of the VCRs from Korea illustrates dumping due to
A) retaliatory trade practices. B) predatory pricing. C) avoidance of environmental laws. D) price discrimination.
Which of the following statements about an entrepreneur is true?
A) develops the vision for the firm and funds the producing unit B) sells his entrepreneurial services in the output market C) does not face personal risk D) purchases other factors of production in the output market