Recall the Application about cultural factors in England and their relevance to the Industrial Revolution to answer the following question(s). In the Application, what was Galor and Moav's (2002) explanation for why families with fewer children gain a comparative advantage in the evolutionary cycle?
What will be an ideal response?
They argue that at some point during the human evolutionary process, families that had fewer children but invested more in them gained a competitive advantage in the evolutionary cycle. The offspring of these families had more human capital and more easily adapted to technological progress and the other changes that were taking place in societies.
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Because resources are scarce, all choices involve trade-offs, which means nothing is free
Indicate whether the statement is true or false.
Refer to Figure 7-2. The efficient equilibrium price is
A) $60. B) $50. C) $40. D) < $40.
Suppose the current level of output is 5000. A 10% increase in productivity would increase the current level of output to
A) 5050. B) 5100. C) 5500. D) 6000.
If an increase in the growth rate of AD leads to an increase in real GDP in the short run: a. the increase in AD was correctly anticipated
b. the increase in AD was greater than anticipated. c. the increase in AD was less than anticipated. d. the increase in AD could have been any of the above.