The Malthusian theory
A) shows that the production function will shift upward continuously.
B) predicts that the real GDP per person will continue to increase as long as technology increases.
C) is also called the classical growth theory and predicts that we will run out of resources.
D) claims that the subsistence wage will increase over time.
E) is also called the neoclassical growth theory.
C
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According to your authors, which action below clearly restricts competition?
A) A large firm raises its price. B) A large firm lowers its price. C) Government deregulates an industry. D) Antitrust legislation restricting other suppliers from entering into a market.
If a marginal cost pricing rule is imposed on the natural monopoly shown in the figure above, then it will produce
A) 2 million units. B) 3 million units. C) 4 million units. D) 5 million units.
Which of the following is true concerning the impact of tariffs and quotas?
a. Tariffs raise the price of a good but quotas do not. b. Tariffs reduce consumer and producer surplus whereas quotas reduce domestic consumer surplus and increase domestic producer surplus. c. Both tariffs and quotas increase the quantity demanded. d. The revenue resulting from a tariff goes to the government whereas the revenue resulting from a quota goes to whoever is awarded the right to sell the product. e. The potential welfare loss is greater with tariffs than quotas.
One feature of the gold standard was that
a. countries had almost complete control over their own monetary policies b. surplus could cause the money supply to decrease c. slow gold production could lead to deflation d. exchange rates were unstable e. each currency was worth the same as other currencies