If a country has a large percentage of its population under 15 years old, then compared with other countries, this creates
a. a problem because they consume more than they produce
b. a problem because they cause more capital goods to be produced
c. a benefit because they boost demand for consumption goods
d. a benefit because they cause more capital goods to be produced
e. neither a problem nor a benefit since age is irrelevant
A
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A monopsony owner believes that hiring an additional worker would increase the company's revenue by $150 per day. We can conclude that the monopsony pays its workers:
a. more than $150 per day. b. exactly $150 per day. c. less than $150 per day. d. exactly $75 per day.
Elasticity of supply becomes ________ elastic over time because ________
a. less; of the growing scarcity of resources b. less; suppliers have more time to acquire additional resources to achieve desired capacity c. more; demand becomes more inelastic d. more; demand will always continue to increase e. more; suppliers have more time to acquire additional resources to achieve desired capacity