Which of the following statements is true?
A) The demographic transition of the 19th century led to a decrease in life expectancy across the Western world.
B) Until the demographic transition in the 19th century, they were recurrent Malthusian cycles.
C) The demographic transition of the 19th century led to an increase in fertility across the Western world.
D) After the demographic transition in the 19th century, they were recurrent Malthusian cycles.
B
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If consumers have limited information about price and search costs exist, then
A) the result must be that all firms will charge the same price. B) the monopoly price must result. C) the full-information, competitive price is not an equilibrium. D) the difference in prices between firms will be greater than the search cost.
If the supply of a good is perfectly inelastic, the price elasticity of supply will equal
A) positive infinity. B) one. C) zero. D) none of the above.
Which of the following taxes is based on the ability-to-pay principle?
a. tolls on a bridge b. income taxes c. gasoline excise taxes d. property taxes e. user fees that collect the same amount from each person
A competitive market for a product must be in equilibrium when:
a. Spending on the product is equal to the value of the quantity supplied b. There is no tendency for the price of the product to change c. The quantity of the product bought is less than the quantity of the product sold d. The number of consumers equals the number of producers