Answer the following statements true (T) or false (F)
1. Low birthrates in industrialized countries are a major concern for governments, reducing the
number of potential soldiers and taxpayers to support social programs.
2. One of the world's greatest economic challenges over the coming decades will be to supply
the resources that will be demanded, as living standards in poorer countries rise to rich-
country standards.
3. Because better technology means that more output can be produced with the same amount of
energy input, rising living standards in the future will not necessarily depend on using more energy.
4. Efficient energy usage in electricity generation often involves using a mix of energy inputs,
some of which are much more expensive than others.
5. If per-capita energy usage has leveled off while per capita GDP has risen, then it must mean
that each dollar of output produced required a larger amount of energy.
1. TRUE
2. TRUE
3. TRUE
4. TRUE
5. FALSE
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If the bidders at a first-price auction have true values of $78, $72, $66, and $65, the item will sell for
a. Just above $78 b. just over $72 c. $78 d. $72
Laura says that the present value of $700 to be received one year from today if the interest rate is 6 percent is less than the present value of $700 to be received two years from today if the interest rate is 3 percent. Cassie says that $700 saved for one year at 6 percent interest has a smaller future value than $700 saved for two years at 3 percent interest
a. Both Laura and Cassie are correct. b. Both Laura and Cassie are incorrect. c. Only Laura is correct. d. Only Cassie is correct.
Using a graph, explain how an increase in technology will affect the equilibrium price and quantity of DVD players. Again using a graph, explain what happens in the market for video cassette recorders.
What will be an ideal response?
By specializing in the production of particular goods in which it has a comparative advantage, a nation is:
A) less likely to make efficient use of available resources. B) less likely to engage in international trade. C) able to become self-sufficient. D) able to operate efficiently.