Which of the following is true for the world as a whole?
a. During the past 200 years, the income per person of the world has increased sharply, but there has been little change in the years of life expectancy at birth.
b. During the past 200 years, the years of life expectancy at birth has increased sharply, but there has been little change in the world's income per person.
c. During the 800 years between 1000 and 1800, the increases in both world income per person and life expectancy at birth were small, but both of these indicators have increased sharply during the past 200 years.
d. Both income per person and life expectancy rose steadily during 1000-1800, but neither of these indicators have increased much during the past 200 years as the population of the world has become larger and larger.
C
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Which of the following statements is true?
A) An individual with property rights is likely to have lower productivity than an individual without property rights. B) Inclusive institutions do not support the provision of property rights to society and hence foster economic prosperity. C) Productivity of individuals is likely to be independent of the availability of property rights. D) An individual with property rights is likely to have higher productivity than an individual without property rights.
Answer the following statement(s) true (T) or false (F)
1. For a given quantity, a monopoly's marginal revenue is always greater than the price associated with that quantity. 2. When regulating a natural monopoly one should set the regulatory price such that the monopoly will produce the efficient level of output. 3. Deadweight loss because of a monopoly can be attributed to the fact that monopolies produce at a quantity where the price of the good exceeds the marginal cost of producing the last unit. 4. When there are significant differences among customers, a monopolist will look for opportunities to price discriminate. 5. Distributing goods equally among consumers would be not only fair but efficient.