Thomas Malthus and David Ricardo believed that to increase agricultural output, people would be forced to
A. farm land more intensively, in which case the returns to successive increases in population would increase.
B. farm land less intensively, in which case the returns to successive increases in population would diminish.
C. farm land more intensively, in which case the returns to successive increases in population would diminish.
D. farm land less intensively, in which case the returns to successive increases in population would increase.
Answer: C
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The accompanying supply-demand diagram shows the market for calculators. The initial price of calculators is P0, and the initial quantity exchanged is Q0.
Which of the following situations could be correctly illustrated by the diagram?
a. Graphing capabilities and other new features lead people to buy more calculators.
b. The cost of memory chips used in calculators falls, lowering the price of calculators.
c. Personal computerized notepads with substantial computing power are introduced, reducing people's need for calculators.
d. A heavy tariff is placed on calculators imported from overseas.
Which of the following will, unambiguously, decrease the price level?
A. an increase in government spending and a decrease in costs B. an increase in government spending and an increase in costs C. a decrease in government spending and an increase in costs D. a decrease in government spending and a decrease in costs
Deciding if a power company will generate electricity from wind power or coal answers the economic question of
A) what products will be produced. B) where will the products be consumed. C) who consumes the products produced. D) how will the products be produced.
According to the quantity theory of money, what is the effect of an increase in the quantity of money?
What will be an ideal response?