What is the implication of the demographic transition for the labor force? Dependency ratio?
What will be an ideal response?
In early stages of the transition, population growth will be rapid, and the need to create jobs will be great, so unemployment is a danger. Later on, the dependency ratio will rise as older people become a greater percentage of the population. The implications of these changes should be spelled out.
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Which of the following could explain why the demand for table salt is inelastic?
A) Salt is a luxury for high-income consumers but a necessity for low-income consumers. B) Salt is a rare commodity. C) Salt is a luxury good. D) Households devote a very small portion of their income to salt purchases.
A jobless recovery occurs when
A) no jobs are created in an economy after a recession ends. B) employment continues to fall at the beginning of a recovery. C) only low-quality jobs are created in a recovery. D) most of the new jobs created in a recovery are overseas.
Critics of advertising argue that advertising leads to less elastic demand for products and a larger markup of price over marginal cost
a. True b. False Indicate whether the statement is true or false
Suppose that in each of four successive years producers sell more of their product and at lower prices. This could be explained:
A. by small annual increases in supply accompanied by large annual increases in demand. B. in terms of a stable supply curve and increasing demand. C. in terms of a stable demand curve and increasing supply. D. as an exception to the law of supply.