A rising standard of living will:
A. necessarily reduce the population by reducing the birthrate.
B. increase the birthrate.
C. reduce the birthrate, but population may continue to grow if the death rate falls more
quickly.
D. reduce the birthrate initially but will increase the birthrate significantly at higher levels of
income as people can afford to have more children.
Answer: C
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Which of the following examples would most likely happen in the short run?
a. A supermarket stays open all night because it covers its variable costs and part of its fixed costs. b. A restaurant stays open for breakfast even though it fails to cover its variable and fixed costs. c. A driving range stays open all night because it covers some variable costs and no fixed costs. d. A movie theater stays open for matinees even though it fails to cover any fixed costs.
All else held constant, as additional firms enter an industry
A. less output is available at each given price. B. more output is available at each given price. C. the same output is available at each given price. D. output could increase or decrease at each given price.
Choosing to spend now instead of to save is an example of consumer ______.
a. confidence b. debt c. expectations d. preferences
If a household's income falls from $26,000 to $24,000 and its savings fall from $1,000 to $500, then its _____
Fill in the blank(s) with the appropriate word(s).