Why did high fertility of the early population occur, according to Hughes and Cain (2011)?
(a) More than half of the population were at ages where fertility is high—in 1820, for example,
the median American was less than 17 years old.
(b) A nation composed mainly of farmers and people planning to farm had every reason to create large families.
(c) Children can be considered investment goods and the rate of return on a child born to a farm family was relatively high.
(d) High fertility occurred due to all of the above reasons.
(d)
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If two countries are economically identical except that there is significant air and water pollution in one, then the level of GDP:
A. will be the same in both countries. B. will be higher in the country with no pollution. C. will be higher in the country with pollution. D. will be greater than the level of economic well-being in each country.
"For a perfectly competitive market, an economic profit attracts new firms. But when these firms enter the market, the price falls and the economic profit is eliminated"
Are the previous statements correct or incorrect? What is the long-run profit or loss outcome for firms in a perfectly competitive market?
Since 1950, the average length of a recession in the United States has been
A) such that recessions barely exist. B) less than a year. C) between 1 and 2 years. D) greater than 2 years.
What are the economic effects of a currency appreciation?
a. It will decrease aggregate demand and aggregate supply, so that output will certainly fall, and prices may fall as well. b. It will increase aggregate demand and aggregate supply, so that output will certainly rise, and prices may rise as well. c. It will increase aggregate demand and decrease aggregate supply, so that prices will certainly rise and output may rise as well. d. It will decrease aggregate demand and increase aggregate supply, so that prices will certainly fall and output may fall as well.