Answer the following statement true (T) or false (F)
1) Human beings consume more both in absolute terms and on a per capita basis than they did
200 years ago.
2) Thomas Malthus argued that increases in living standards tend to reduce birthrates.
3) A total fertility rate of 1.0 is necessary to keep the population constant over time.
4) Most developed countries have fertility rates less than 2.1.
1) T
2) F
3) F
4) T
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In order to move aggregate demand to the level consistent with full employment by means of fiscal policy, government officials who set the budget must know
A) the current level of aggregate demand. B) the level of aggregate demand that would be consistent with full employment. C) the size of the budget changes required to induce the appropriate-sized changes in aggregate demand. D) all of the above.
Price elasticity of demand and price elasticity of supply are both influenced by
a. the availability of close substitutes for the product b. the proportion of the consumer's budget spend on the product c. the length of the adjustment period considered d. technological conditions such as the additional costs of increasing production e. none of the above
State (a) a positive economic statement of your choice, and then (b) a normative economic statement relating to your first statement.
Most commercial paper is:
A. issued with maturities exceeding one year. B. used exclusively for short-term financing needs. C. issued with maturities between 50 and 75 days. D. issued by foreign companies doing business in the United States.