Critically evaluate the following statement: "People in developing countries are not poor because they have large families. Rather, they have large families because they are poor."
What will be an ideal response?
Children in developing countries may be viewed as an investment good. Children are needed to help contribute to the current economic well-being of the family by providing labor services. Parents also rely on children to help support them when they can no longer support themselves.
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In which types of business do owners have unlimited personal liability and in which do owners have limited personal liability?
What will be an ideal response?
The money demand curve will shift to the left if real GDP ________ or if the price level ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
When marginal revenue is positive,
A. marginal revenue is greater than price. B. demand is elastic. C. decreasing price will decrease total revenue. D. both b and c E. all of the above
If product Y is an inferior good, an increase in consumer incomes will:
a. Not affect the sales of product Y b. Shift the demand curve for product Y to the left c. Result in a surplus of product Y d. Shift the demand curve for product Y to the right