According to Michael Kremer, at which population should technological progress be most rapid?
a. 100 million
b. 500 million
c. 1 billion
d. 7.4 billion
d
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According to the Keynesian approach, an increase in taxes
A) will not impact consumption, as most consumption is autonomous. B) will reduce consumption by an amount less than the change in taxes. C) will increase consumption, as the government will spend the extra tax revenue and that increases consumption. D) will reduce consumption exactly by the amount of the taxes.
Which statement is true?
A. Scarcity is simply a lack of money. B. The United States' society has been so affluent in the last 50 years that scarcity is only a minor problem. C. The economic problem refers to the problem of poverty. D. If scarcity did not exist there would be no need to economize.
Suppose that the elasticity of demand for a product is 0.5. What will happen to total revenue as a firm increases the price?
A. Total revenue will increase. B. Total revenue will decrease. C. Total revenue will stay the same. D. It cannot be determined from the information provided.
All but the most primitive societies use money as a medium of exchange, implying that
A) the use of money is economically efficient. B) barter exchange is economically efficient. C) barter exchange cannot work outside the family. D) inflation is not a concern.