Define the fertility rate and the mortality rate
What will be an ideal response?
The fertility rate is the birth rate. It is equal to (the number of births per year divided by the population) x 100 . The mortality rate is the death rate. It is equal to (the number of deaths per year divided by the population) x 100 .
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Suppose a monopolist has zero marginal cost. If he faces a market demand curve with constant price elasticity of -2, the profit maximizing output level approaches infinity.
Answer the following statement true (T) or false (F)
For a commodity to function effectively as money it must be
A) easily standardized, making it easy to ascertain its value. B) difficult to make change. C) deteriorate quickly so that its supply does not become too large. D) hard to carry around.
Answer the following statements true (T) or false (F)
1) When making output decisions, managers of firms producing a joint product with fixed proportions need to pay attention to the separate prices of the joint goods. 2) If a firm is producing a joint product with variable proportions, if the price of one of the joint products changes, to maximize profits, managers must adjust both the total production of the jointly produced product and the products' proportions. 3) If a firm is producing a joint product and the price of one of the products increases, the marginal benefit of producing more of that product increases. 4) If a firm is producing a joint product with variable proportions, producing more of one product means producing more of the other product. 5) Because the decision involves the production of two goods, marginal analysis cannot be used to determine the profit-maximizing proportions of jointly produced products.
The demand for luxurious goods are usually unaffected by an increase in income
a. True b. False Indicate whether the statement is true or false