The most direct opportunity cost of having large families in an LDC such as Egypt is the
a. loss of its customs and traditions
b. benefit of having more hands to help on the farm
c. larger tax revenues government collects from families
d. sacrifice of per capita material goods and services
e. political instability generated by population size
D
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The degree of government involvement in the economy is greatest in a. a command economy. b. a mixed economy
c. a market economy. d. a traditional economy.
Why does increasing employment not necessarily increase living standards?
a. Productivity always increases as employment increases. b. Living standards and employment are always positively related. c. Increasing employment may not be accompanied by higher real wages d. There is no upper limit to labor force participation. e. Real wages are not adjusted for inflation.
The Fed can drive up interest rates by selling government securities and decreasing the money supply
a. True b. False Indicate whether the statement is true or false
Assume all of the information from Question #11 above: If Willy actually does install the extra safety equipment, it will cost him $20,000 to do so. Based on this new information about its cost, will Willy be willing to install the new equipment?
A. Yes, because it costs him less than it is worth. B. Yes, because it costs him more than it is worth. C. No, because it costs him more than it is worth. D. No, because it costs him less than it is worth.