Which statement about population growth and economic growth is true?
a. Population growth means more workers, which ultimately means an increase in the standard of living for the average citizen.
b. Population growth will inevitably lead to slower economic growth because the quantity and quality of available land is fixed.
c. Population growth can result in more scientists, engineers, and entrepreneurs whose contributions can lead to greater economic growth.
d. Population growth generally has little to no impact on economic growth because it is one factor among many.
c. Population growth can result in more scientists, engineers, and entrepreneurs whose contributions can lead to greater economic growth.
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For Outback Steakhouse, seating capacity is limited in the short run. In the long run, they can add as many seats as they want. Therefore, the price elasticity of supply for meals at Outback would be ________ in the short run than in the long run.
A. more variable B. the same C. higher D. lower
Which of the following leads to an increase in the quantity supplied but not an increase in supply?
A) an increase in the product's price B) a decrease in the costs of production C) an advance in the technology used to produce the good D) an increase in the number of firms producing the good or service E) an increase in the price of another product that the suppliers can produce
Distinguish between demand and quantity demanded. Do the same for supply and quantity supplied.
What will be an ideal response?
In the United States, barriers to entry in professional team sports (for example, football and baseball) result from
A) the draft of college players, which grants teams exclusive signing rights to individual players. B) long-term leases teams sign for stadiums and ballparks in major cities. C) the reserve clause, which is a provision in contracts of professional athletes that require them to play for specific teams over the length of their contracts. D) television contracts, which give networks the exclusive rights to broadcast games.