When consumers would have been willing to pay higher prices at various quantities consumed than the market clearing price, the differences are called

Demographers refer to this as the "demographic transition": The reduction in death rates brought about by rising standards of living "causes a temporary population explosion because parents - initially unaware that such a revolutionary change in death rates has taken place - for a while keep having six or more children...to ensure that at least two will survive to adulthood." For which major industrialized country could this statement be used to explain its current population trend?

A. United States B. Japan C. India D. China

According to the equation of exchange, an increase in either velocity or the money supply will

a. cause PQ to rise. b. not affect the price level. c. cause the price level to fall. d. cause PQ to fall.