The number of live births per 1000 people in the population per year is the
(a) hidden momentum of population growth.
(b) population growth rate.
(c) demographic transition.
(d) crude birth rate.
D
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Neither the supply of nor demand for a good is perfectly elastic or perfectly inelastic. So, imposing a tax on the good results in a ________ in the price paid by buyers and ________ in the equilibrium quantity
A) rise; an increase B) rise; a decrease C) fall; an increase D) fall; a decrease E) rise; no change
Market clearing means
A) quantity demanded exceeds quantity supplied. B) quantity demanded equals quantity supplied. C) quantity demanded is less than quantity supplied. D) quantity demanded and quantity supplied both equal zero.
The text uses traffic congestion as an example of
A) a surplus of automobiles. B) a negative externality. C) a good priced above equilibrium. D) an engineering rather than an economic problem.
Wall Street bankers opposed the Second Bank of the United States. Their opposition was based on the idea that the Second Bank
a. lent too freely to the federal government. b. followed a monetary policy that favored stable prices even at the cost of a slower growing economy. c. followed a monetary policy that kept interest rates too high. d. favored Philadelphia because that was where the head office of the bank was located.