In the above figure, which curve indicates that the level of food production does not affect the population growth rate?
A) F
B) G
C) H
D) I
C
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The magnitude of the slope of an indifference curve
A) is equal to the marginal rate of substitution. B) always equals the relative price of the product measured along the horizontal axis. C) increases as income increases. D) decreases when income increases.
Under the Bretton Woods system, U.S. dollars were redeemable for ________ only if the dollars were presented by a foreign central bank
A) silver B) gold C) foreign currency D) U.S. Treasury bonds
Over longer periods of time, increases in oil prices provide firms with incentives to explore and recover oil. What does this indicate about the long-run price elasticity of supply for oil?
A) The elasticity coefficient is unstable in the long run because oil supplies may be depleted. B) The elasticity coefficient approaches 0 in the long run as supplies are depleted. C) The elasticity coefficient is likely to be higher in the long run than in the short run. D) The elasticity coefficient is likely to be lower in the long run than in the short run.
Assume there is a simultaneous decrease in the incomes of people in the market for new homes and a decrease in the wages paid to carpenters, plumbers, and electricians
All else constant, we can predict, with certainty, that in the market for new homes the equilibrium: A) quantity of new homes will decrease. B) quantity of new homes will increase. C) price of new homes will decrease. D) price of new homes will increase.