Describe the changes in population and living standards since 1800. What implications do these changes raise about standards of living today?
What will be an ideal response?
The population grew from about 1 billion people in 1800 to about 7 billion people today. Living standards for the average American today are at least 12 times higher than they were in 1800. Resource use or consumption per person is much higher today than in 1800. The increasing demand for and concerns about a limited supply of resources have raised questions about whether these high living standards can be sustained.
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The exchange rate can be influenced by a nation's central bank
Indicate whether the statement is true or false
The Todaro model suggests that rural urban migration depends on
a. the gap between rural and urban wages b. the gap between rural and urban wages modified by the likelihood of obtaining a job in the city c. the gap between rural and urban wages modified by the likelihood of having a family member alreadyin the city d. the gap between rural and urban wages modified by government-provided employment possibilities inthe city e. none of the above
Offering product-specific services ________ consumer demand, shifting the market demand curve to the ________.
A) decreases; right B) increases; left C) increases; right D) decreases; left
Today's exchange rate system can be described as
a. a fixed exchange rate system b. a freely floating exchange rate system c. a pegged exchange rate system d. a flexible exchange rate system e. a managed float