James Has Worked for the Same Company His Entire Life

question 55

Multiple Choice

James has worked for the same company his entire life.His current income is $100,000 per year.When he was originally hired,he made $50,000 per year.The company has given James a consistent raise of 2% every year.How long has James been with the company?

• A) 10 years
• B) 25 years
• C) 35 years
• D) 50 years
• E) 75 years

---

Definitions:

Isoquant

A curve that represents all the combinations of inputs that produce the same level of output in the production of goods.

Output

The total amount of goods or services produced by a company, industry, or economy.

Average Educational Level

A metric that represents the average amount of formal schooling completed by a population or specific group of people.

Productivity of Labor

A measurement of the output produced by employees or labor within a specific period of time.