The total fertility rate:
A. measures the average number of children that a woman is expected to have during her
lifetime.
B. measures the average number of children that each couple is expected to have during their
lifetime.
C. equals the rate of population change over time.
D. rises as income rises.
Answer: A
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Neoclassical economists believe that the government fosters economic growth by providing a stable economic environment with a low rate of ____________ and tax rates that are low and unchanging.
a. importing b. growth c. unemployment d. inflation
According to supply-side economists,
A. high tax rates discourage productive market exchanges because it pays for you to work less at your regular job and more at household tasks. B. high marginal tax rates encourage additional work to make up for the lost income due to the high taxes. C. people are rarely confronted with work-leisure decisions. D. when operating at the upper portion of the Laffer curve, tax cuts result in tax revenue decreases.
Which of the following would shift the production function upward?
A. an increase in the price of oil B. an improvement in technology C. a decrease in the supply of labor D. a decline in the birth rate
Exhibit 7-3 Cost per unit curves
?
As shown in Exhibit 7-3, the price at which the firm earns zero economic profit in the short-run is:
A. $1.00 per unit. B. $1.50 per unit. C. $2.00 per unit. D. $4.00 per unit.