If an individual demands a particular good, it means that he or she:
A. Is willing and able to purchase the good at some price.
B. Has a strong desire for the good.
C. Must need the good.
D. Prefers the good over all other choices.
Answer: A. Is willing and able to purchase the good at some price.
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In the Keynesian model, consumption
A) is positively related to income but saving is not systematically related to either income or interest rates. B) and saving are positively related to the real interest rate. C) and saving are positively related to income. D) is positively related to income and saving is negatively related to the stock market.
What is a firm's short run supply curve?
Many less developed countries have low rates of economic growth because
a. high population growth rates reduce living standards b. low population growth rates result in an inadequate labor supply c. high current output per capita reduces incentives for growth d. interest rates are too high e. they invest too much in infrastructure leaving little for private capital investment
As economic development progresses, eventually birth rates _____.
Fill in the blank(s) with the appropriate word(s).