Although many people believe that population growth hinders economic? development, there is little evidence to support that notion. What is clear is that economic development tends to lead to a reduction in the rate of _________ growth.
Fill in the blank(s) with the appropriate word(s).
population
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Property rights assure people that
A) the government will not confiscate their income or savings. B) the government will provide a minimum standard of living. C) the factors of production and goods are owned jointly by the government and the people. D) economic growth will enhance government involvement in the economy. E) international trade will be limited.
Because workers in the United States work fewer hours per week, on average, than they did over 100 years ago
A) GDP is lower than it would be if U.S. workers worked the same workweek they had 100 years ago. B) workers in the United States are worse off than they were over 100 years ago. C) GDP is higher than it would be if U.S. workers worked the same workweek they had 100 years ago. D) workers in the United States earn less income than they did over 100 years ago.
Additional firms often do not try to compete with a natural monopoly because
a. they fear retaliation in the form of pricing wars from the natural monopolist. b. they are unsure of the size of the market in general. c. they know they cannot achieve the same low costs that the natural monopolist enjoys. d. the natural monopoly does not make a large profit.
We measure gross domestic product by multiplying the quantities of goods by their prices because it allows us to:
A. express the values of products in a common unit of measurement. B. correct for inflation. C. directly compare the output of one economy to that of another. D. calculate the total number of units of goods produced in an economy.