Which of the following statements correctly characterizes fertility rates in the postwar period?
a. The birth rate rose steadily, beginning during the Great Depression and continuing until 1950.
b. The birth rate peaked in the late 1950s, then began a steep decline reaching very low rates in the 1970s.
c. The birth rate has fallen steadily since 1940 due to the increased labor force participation of women.
d. During the postwar period, the birth rate has tended to rise in during recessions and fall during periods of economic growth.
b. The birth rate peaked in the late 1950s, then began a steep decline reaching very low rates in the 1970s.
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Total expenditures for new final goods equals total output of new final goods in the income and product accounts
A) because no one will produce what cannot be sold. B) because prices will rise or fall to clear the market. C) because unsold goods are assumed to be purchased by the firms that produced them. D) only at equilibrium. E) when all goods are sold in the year they are produced.
The growth records of Japan and Hong Kong during the last fifty years indicate that an economy can grow rapidly without
a. securely defined property rights. b. abundant domestic natural resources. c. significant capital formation. d. adopting modern technology.
The specificity rule states that
A. Tax rates should vary according to specific characteristics of a product. B. it is more efficient to use a policy tool that is closer to the distortion that is caused by an externality. C. a government tax is the best remedial measure for an externality. D. property rights must be changed to correct for an externality.
Which of the following is most likely to be the subject of informational advertising?
A) a search good B) a credible good C) an experience good D) an inexperience good