In his Essay on the Principles of Population, Thomas Malthus argued that:
A. Human living standards could permanently rise above subsistence levels, so that
populations would grow exponentially
B. Any increase in living standards would be temporary because people will have more children and increase the population thus bringing living standards back down
C. As the population increases, the standard of living would grow as well because of rising
productivity
D. As economic efficiency declined, standards of living would first fall and then eventually rise
as the population starts increasing
B. Any increase in living standards would be temporary because people will have more children and increase the population thus bringing living standards back down
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Data collected on the same observation unit at a number of points in time are called:
A) cross-section data. B) time series data. C) panel data. D) none of the above.
Voice-Beat is an earphone manufacturing firm. Suppose 900 units of earphones are demanded when the price of each unit is equal to $40 . When the price is $42 per unit, 837 units of earphones are demanded. On the basis of the given data, we can say that the price elasticity of demand of Voice-Beat earphones is: a. inelastic
b. elastic. c. perfectly inelastic. d. perfectly elastic.
Suppose that in a Borda count election, outcome X is preferred to outcome Y, and outcome Y is preferred to outcome Z, when outcomes X, Y, and Z are all available options. When Y is removed as an option, however, outcome Z is preferred to outcome X. This would violate Arrow's assumption that voting systems should satisfy
a. unanimity. b. transitivity. c. the independence of irrelevant alternatives. d. no dictators.
The absolute value of the price elasticity of demand for a downward-sloping linear demand curve
A. increases as price decreases. B. is zero at all prices. C. decreases as price decreases. D. is unitary at all prices.