Birth rates and death rates determine not only population size, but the age distribution of the population. For the poorest countries in the world, the percentage of the population that is under the age of fifteen years old is approximately
a. 5–10 percent
b. 10–15 percent
c. 15–30 percent
d. 30–35 percent
e. more than 35 percent
E
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The extent to which output responds to all inputs is referred to as
a. incremental capital-output ratio b. returns to scale c. indivisibilities d. gestation period e. none of the above
The law of demand states that, ceteris paribus, an increase in
a. price causes quantity demanded to increase. b. price causes quantity demanded to decrease. c. quantity demanded causes price to increase. d. quantity demanded causes price to decrease.
The primary source of purchasing power used to buy imported goods is
What will be an ideal response?
If pretzels are a normal good, the income effect of a price change means that
a. as income increases, the quantity demanded increases along the demand curve for pretzels b. as income increases, the demand curve for pretzels shifts rightward c. as income increases, the demand curve for pretzels shifts leftward d. as the price of pretzels increases, the real income of individuals who demand pretzels decreases, so the quantity demanded of pretzels decreases e. as the price of pretzels increases, income increases