During the demographic transition the population growth rate
a. slows down
b. rises
c. rises and then slows down
d. increases in spurts followed by long periods of stagnancy
e. none of the above
C
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Consider a lake stocked with fish. The total value of fish caught at the lake depends on the number of fishers, as shown in the accompanying table. As the table indicates, 1 fisher can catch $36 worth of fish in a day, 2 fishers can catch a total of $66 worth of fish, 3 fishers can catch a total of $90 worth of fish, and so forth. The fishers are identical, and the opportunity cost of a day at the lake is $18 for each fisher.
(i) Complete the table by calculating the value of each fisher's catch, on average, and the social marginal benefit of the lake.
(ii) If use of the lake is nonexcludable, how many fishers come to the lake? What is the total value of their catch? What is their total cost? What is the social gain from the existence of the lake?
(iii) What is the optimal number of fishers at the lake? What is the social gain if this optimum is achieved?
(iv) What entrance fee would lead to the optimal outcome?
Comparative advantage is
A) the ability to perform an activity at a lower opportunity cost than anyone else. B) the ability to perform an activity at a higher opportunity cost than anyone else. C) the ability to perform an activity at a zero opportunity cost. D) another name for absolute advantage.
Which of the following is true?
a. A budget deficit will have no impact on the national debt. b. A budget deficit will increase the national debt. c. A balanced budget will increase the national debt. d. A budget surplus will increase the national debt.
A uniform tax according to the physical quantities of pollution may not be the appropriate way to correct for an externality because
A. a firm will reduce production. B. it places a unfair burden on small producers. C. a uniform tax can only account for social costs and not external costs. D. it may not adequately account for economic damages.