Which statement about population growth is true?
a. Rapid population growth lacks economic benefits.
b. The fastest population growth occurs in wealthy, developed countries.
c. Rapid population growth does not have to impede economic growth.
d. Population growth usually results in a decline in per capita output.
c. Rapid population growth does not have to impede economic growth.
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When the government's outlays exceed its tax revenue, the national debt
A) shrinks thanks to the budget surplus. B) grows to finance the budget deficit. C) shrinks thanks to the budget deficit. D) grows to finance the budget surplus. E) does not change because it has nothing to do with government outlays and tax revenue.
Jim's Nursery produces and sells $1100 worth of flowers. Jim uses no intermediate inputs. He pays his workers $700 in wages, pays $100 in taxes and pays $200 in interest on a loan. Jim's contribution to GDP is
A) $900. B) $1000. C) $1100. D) $1800.
Wants are
A) another term for needs. B) the things people would consume if they had unlimited incomes. C) the things people consume with their income. D) all the things people really need in order to live comfortably.
The argument that a tariff has to be imposed in order to protect any industry just getting started until it gets large enough to be competitive internationally is the
A) start-up industry argument. B) infant industry argument. C) baby industry argument. D) fledgling industry argument.