You like bundle A better than bundle B, and bundle C is an average between A and B. If your tastes satisfy convexity, then C is at least as good as A and as B.
Answer the following statement true (T) or false (F)
False
Rationale: Convexity implies that you will prefer average bundles to extremes that you are indifferent between.
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What is the great advantage of adjudication over legislation in the management of negative externalities?
A) Adjudication has lower costs. B) Adjudication maintains the continuity of expectations. C) Courts are bound by the rule of law and legislatures are not. D) Courts can act more quickly than legislatures. E) There are no clear answers in such cases.
If the price is above the equilibrium price then there is a _______________.
Fill in the blank(s) with the appropriate word(s).
Which of the following will NOT increase the productivity of labor?
A. technological improvements B. an increase in the capital stock C. improvements in education D. an increase in the size of the labor force
Answer the following statements true (T) or false (F)
1. The era after the Industrial Revolution proved that it was impossible to have improved tandards of living with large population growth. 2. Malthus's theory states that living standards could only temporarily rise above subsistence levels. 3. Malthus argued that any increase in living standards would cause a decrease in population growth. 4. If a country's replacement rate is two births per woman and its total fertility rate is four births per woman, the country's population will decline. 5. With modernization, the world's population will continue to decline even as many countries xperience declining death rates.