The English economist, Thomas Malthus, believed that sustained growth of income per person would be impossible because of
a. rapid growth of capital formation if population increased above the subsistence level.
b. rapid growth of population if income increased above the subsistence level.
c. rapid growth of government if income increased above the subsistence level.
d. political democracy if income increased above the subsistence level.
B
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Legal restrictions on entry into an industry
a. are strongly opposed by those already in an industry. b. are promoted through lobbying efforts by those already in the industry, thereby further increasing the social costs of monopoly. c. are promoted by those who wish to enter the industry, thereby potentially increasing the social welfare generated by the industry. d. are always instituted to protect the public's health and welfare.
Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
Checks ________ money and checking deposits ________ money
A) are; are B) are; are not C) are not; are D) are not; are not
The size of the underground economy as a percent of GDP is larger in the United States as compared to poorer countries such as Zimbabwe
Indicate whether the statement is true or false