The World's Population

question 2

Multiple Choice

The world's population

• A) seems to be stabilizing at about 6 billion people.
• B) is increasing exponentially and may have dire results.
• C) may decline by mid-century if AIDS and other communicable diseases are not controlled.
• D) is concentrated mostly in Africa.
• E) is predicted to be rebalanced sometime during the 21^st century by a global catastrophe.

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Definitions:

Perfect Substitutes

Goods or services that can be used in exactly the same way, where the consumer is indifferent between the two and will choose the cheaper one.

Scale

The size, extent, or level of something, typically used in the context of production or operations to indicate magnitude or capacity.

Returns to Scale

A concept in economics that describes how the output of a firm changes as all its inputs are increased proportionally.

Short Run

A period in economics during which at least one factor of production is fixed, limiting the adjustment processes of the economy.