What role does population growth play in economic development?
Rapid population growth creates a high dependency ratio and requires substantial investment of resources
in health, education, and training. These resources could alternatively have been invested in physical capital
and infrastructure to promote the growth of GDP.
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A characteristic of a good model is that
A) its predictions can be tested using real-world data. B) it is useful for making irrefutable predictions. C) it applies to all situations. D) it predicts perfectly.
What is an optimal decision?
If the minimum wage exceeds the equilibrium wage, then
A. there will be no unemployment. B. the minimum wage will not be binding. C. the quantity supplied of labor will exceed the quantity demanded. D. the quantity demanded of labor will exceed the quantity supplied.
Ryan sells 200 plastic ball point pens at $0.50 each. His total costs are $25 . His profits are
a. $25. b. $75. c. $100. d. $175.