In 2012, the world's population surpassed
a. 3.5 billion.
b. 1 billion.
c. 10.5 billion.
d. 7 billion.
d. 7 billion.
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When a surplus of rice occurs,
A) the price of rice rises. B) the price of rice falls. C) there is a balance between the forces of supply and demand. D) the quantity demanded is greater than quantity supplied at the current price. E) the demand curve shifts rightward and the supply curve shifts leftward to eliminate the surplus.
The most surprising outcome of the Solow growth model is that
A) the population growth rate has no effect on the standard of living. B) the capital-labor ratio has no effect on the output-labor ratio. C) a higher rate of national saving does not lead to a permanently higher rate of output growth. D) a higher rate of depreciation lowers the capital-labor ratio, but not the output-labor ratio.
Suppose that the marginal propensity to consume (MPC) is .75 and there is an increase in investment spending of $100,000. As a result, equilibrium real Gross Domestic Product (GDP) would increase by
A. $20,000. B. $500,000. C. $400,000. D. $100,000.
Refer to the above table. At what quantity does diminishing marginal utility set in?
A. after 2 B. after 10 C. after 3 D. after 15