Which of the following most accurately describes world population growth?
a. World population has increased steadily during the past 6,000 years.
b. World population has exhibited significant cyclical patterns of growth and decline.
c. World population was relatively small until 1750, after which it increased rapidly.
d. World population was small until World War II, after which it increased very quickly.
c. World population was relatively small until 1750, after which it increased rapidly.
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Suppose there are two policy options facing a vote in the Senate. In the first, government spending will increase $50 billion, while the second option is to cut taxes by $50 billion. A Keynesian economist would argue for
A) the spending option because it has a bigger impact on total spending. The spending directly raises total spending plus it works through the multiplier, while the tax cut only works through the multiplier. B) the tax option because it is easier to pass. The effects on total spending would be identical. C) the spending option because it won't affect the deficit the way the tax cut would. D) the tax option because it also affects the incentives workers face. Long-run aggregate supply will increase with the tax cut, but not with the spending increase.
Let the marginal product of capital (MPK ) be 6; the marginal product of labor (MPL) be 2; the price of labor is given by $10 . What will be the price of capital such that the isocost and the isoquant are tangent to each other?
a. $30 b. $3 c. $60 d. $6