Per capita incomes must first grow for birth rates to decline. This statement describes the:
A. human capital view of population growth.
B. traditional view of population growth.
C. capricious universe view.
D. demographic transition view of population growth.
D. demographic transition view of population growth.
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The table below shows the relationship between the number of times you get your car washed each month and your total monthly benefit from car washes. Each car wash costs $15.Number ofCar WashesPer MonthTotal MonthlyBenefit fromCar Washes0$01$202$363$484$565$60What is the marginal cost of the 5th car wash each month?
A. $4 B. $14 C. $15 D. $12
Use the table below to answer the following question.UnitsMaximum Willingness to PayMarket Price1$14$102121031010481056106410What is the value of consumer surplus?
A. $6 B. $54 C. $44 D. $12
Three individuals have $1000 and identical preferences for gum, g, and cigarettes, s, as measured by the utility function U(g,s) = 10g0.9s0.1. The price of gum is $9 and the price of cigarettes is $12. What is the market surplus/shortage at a price of $12 when the supply of cigarettes is 5?
A) There will be a shortage of 3 cigarettes. B) There will be a surplus of 3 cigarettes. C) There will be a shortage of 2/3 cigarettes. D) There will be a surplus of 2/3 cigarettes.
A monopoly firm is the only seller of a good or service that
A) does not need to be advertised. B) has no close complements. C) does not have a close substitute. D) has a perfectly elastic demand.