Less-developed countries are experiencing rapid population growth because _____
a. birthrates are rising at a slower rate than mortality rates
b. birthrates are falling while mortality rates are rising
c. both birthrates and mortality rates are falling
d. birthrates are rising while mortality rates are falling
e. birthrates are constant and mortality rates are rising
d
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Refer to Figure 24-2. Ceteris paribus, an increase in workers and firms adjusting to having previously overestimated the price level would be represented by a movement from
A) SRAS1 to SRAS2. B) SRAS2 to SRAS1. C) point A to point B. D) point B to point A.
If a good has an income elasticity of demand greater than 1, one might classify that good as
A) a necessity. B) a luxury. C) unusual. D) inelastic.
A profit-maximizing monopoly will choose advertising expenditures so the ratio of advertising expenditures to total revenue is equal to the ratio of advertising elasticity to price elasticity (in absolute value)
Indicate whether the statement is true or false
Under certain conditions, the slope of the marginal revenue product curve reflects the combined effects of diminishing marginal returns and a declining price of the product the firm sells. What are these conditions?
a. The firm must be a price searcher in both the product market and the resource market. b. The firm must be a price searcher in the product market, regardless of whether it is a resource price searcher. c. The firm must be a price searcher in the product market but not necessarily in a perfectly competitive resource market. d. The firm must be a price searcher in a perfectly competitive product market. e. The firm must operate in a decreasing-cost industry.