The Malthusian population theory
A. was eventually dismissed for its pessimism and failure to take into account technological advances in agriculture and food production.
B. failed because contrary to Malthus' argument, agricultural production is not subject to diminishing returns.
C. was not borne out in low-income countries because "population checks" (war, famine, etc.) kept population growth down while real GDP growth increased.
D. states that the root cause of underdevelopment is unchecked population growth.
Ans: A. was eventually dismissed for its pessimism and failure to take into account technological advances in agriculture and food production.
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The diagram below shows Spencer's annual demand for videos. Spencer currently rents videos from Blockpopper's, which charges $2.50 per rental.
(i) How many videos does Spencer rent each year? How much consumer's surplus does Spencer receive from renting videos?
(ii) Blockpopper's starts a "frequent viewers" club. For a membership fee of $35 per year, club members can rent as many videos as they wish at the discounted price of $2 per rental. Should Spencer join the "frequent viewers" club? If yes, how much surplus value would Spencer receive as a club member? If no, what membership fee would Spencer be willing to pay to join the club?
Traditionally, economists have considered culture, customs, and religion as
A) very important influences on the choices consumers make. B) subject to normative economic analysis rather than positive economic analysis. C) relatively unimportant factors in explaining the choices consumers make. D) important influences in explaining consumer choices in command economies but less important in market economies.
Suppose Jo's savings after working for 2 years is $90,000 . Assuming she saves all of her income and the rate of growth of her income is constant at 10 percent over the 2-year period, her initial annual income must have been around _____
a. $49,630 b. $36,980 c. $65,897 d. $74,380
Gold standard is an arrangement whereby the currencies of most countries are convertible into gold at a fixed rate
Indicate whether the statement is true or false