Demographers predict that declines in birthrates are in part due to:
A. More strict adherent to religious beliefs and practices regarding human reproduction
B. Fewer career opportunities for women in many societies
C. The increased expense of raising a child in modern societies
D. Falling standards of living in many countries around the world
C. The increased expense of raising a child in modern societies
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Using the concept of income and substitution effects, explain how you might react to each of the following:
(a) You currently work 20 hours a week at $10 per hour and your employer tells you he must reduce your wage to $8 per hour. (b) The price of pizza doubles and the price of hamburgers remains constant.
When a tax is placed on the buyers of a product, a result is that buyers effectively pay
a. less than before the tax, and sellers effectively receive less than before the tax. b. less than before the tax, and sellers effectively receive more than before the tax. c. more than before the tax, and sellers effectively receive less than before the tax. d. more than before the tax, and sellers effectively receive more than before the tax.
If the production possibilities frontier shown is for two months of production, then which of the following combinations of peanuts and cashews could Brazil not produce in two months?
When economic efficiency is attained, it implies all of the following, except:
A. Per-unit cost of output produced is at minimum B. Allocative efficiency is achieved C. Total consumer and producer surplus is at a maximum D. The gap between marginal benefits and marginal costs of production is at maximum