14, 17 micro

What is the relationship between living standards and birthrates?

The relationship is negative (inversely related).

Suppose the demand for strawberries rises sharply, resulting in an increased price of strawberries. As it relates to strawberry pickers, we could expect the:

MRP curve to shift to the right

A firm is both hiring labor and selling output in purely competitive markets and is maximizing profits. It is currently operating in the elastic range of its MRP curve. If the wage rate increases, its total spending on wages at the new equilibrium will:

be smaller

his Essay on the Principles of Population, Thomas Malthus argued that:

Any temporary increase in living standards would cause people to have more children, and thus increase the population

The 1968 prediction of Paul Ehrlich proved to be wrong because population growth:

Slowed dramatically as standards of living increased

Marginal revenue product is the increase in:

Total revenue from the use of an additional unit of a resource

Which is an example of a change in product demand that increases labor demand?

Tourism increases in popularity, increasing the demand for workers at tourist resorts

A profit-maximizing company should extract a non-renewable resource in the present up to the quantity where the:

selling price of the resource equals the extraction cost plus the user cost of the resource.

Resource X has many close substitutes whereas resource Y has no close substitutes. Other things equal, we would expect:

the demand for resource X to be more elastic than the demand for resource Y.

The demand for a resource depends primarily on:

the demand for the product or service that it helps produce.

Alternative fuels become more economically viable as:

the price of oil rises

An increase in interest rates:

lowers the present value of a future amount

If the wage rate increases:

a purely competitive and an imperfectly competitive producer will both hire less labor.

Mining of "conflict diamonds" tends to:

occur at a pace faster than would maximize the long-term stream of profits since warring factions extract diamonds as quickly as possible due to fears that they may soon lose control of the diamond mines.

"Income receivers should be paid in accordance with the value of output each produces." This statement is consistent with the:

marginal productivity theory of income distribution.

Which of the following is considered a renewable natural resource?

Aquifers

The marginal revenue product of an input in a competitive market decreases as a firm increases the quantity of an input used because of the:

Law of diminishing returns

The more inelastic the demand for a resource the:

Less elastic its marginal revenue product curve

The replacement rate is the birthrate necessary to:

keep a population from decreasing

Property rights for fish from the open ocean:

exist once the fish are caught.