MICROECONOMICS--LOOSELEAF
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ISBN: 9781264022588
Author: McConnell
Publisher: MCG
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Question
Chapter 19, Problem 1P
To determine
Second, Third and Fourth generation population.
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What are spillover effects and how do they affect growth? (LO27-4)
Suppose that the current (first) generation consists of 1 million people, half of whom are women. Assume the total fertility rate is 1.2 and the only way people die is of old age.
Instructions: In part a, enter your answer as a whole number. In parts b and c, round your answers to 2 decimal places.
a. How big will the fourth generation (the great-grandchildren) be?
___ people
b. How much smaller (in percentage terms) is each generation than the previous generation?
___ percent
c. How much smaller (in percentage terms) is the fourth generation than the first generation?
___ percent
Consider the following examples. For each one,say whether the incentive is positive or negative.[LO 1.3]a. Bosses who offer time-and-a-half for workingon national holidays.b. Mandatory minimum sentencing for drugoffenses.c. Fines for littering.d. Parents who offer their children extra allowance money for good grades.
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