As economic development in LDCs progresses,
A. children become an increasingly valuable economic asset.
B. the birth rate eventually declines.
C. consumption rises faster than production.
D. fewer children survive to adulthood.
B. the birth rate eventually declines.
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A nation's standard of living depends on its population and labor productivity
a. True b. False Indicate whether the statement is true or false
Under the rational expectations hypothesis, which of the following is the most likely long-run effect of a move to a more expansionary monetary policy?
a. higher prices and no change in real output b. higher prices and expansion in real output c. no change in prices but an expansion in real output d. no change in either prices or real output
The actual incidence of a tax
a. depends on the statutory incidence. b. is entirely random. c. depends on the elasticities of supply and demand. d. falls entirely on buyers or entirely on sellers.
Which of the following is a main characteristic of exchanges in the market system?
A) Decisions to trade are based on individuals' self interest. B) Exchanges are highly regulated by the government. C) Sellers hire economists to determine the market clearing price. D) Exchanges are part of the legislative imperative.