Which of the following is a flaw in Malthus' population theory?
A. His belief that growth in real GDP cannot exceed population growth real GDP despite technological advancements.
B. His belief that any increase in income would boost population growth failed to take into account the fact that higher incomes increase this opportunity cost and therefore reduces the number of children people want.
C. Rising incomes makes it more affordable for families to have more children and to educate their children so that they become productive members of society.
D. He failed to take into account that over time, as countries develop, the agricultural shrinks, reducing the need for people to have large families to help out in the family farm.
Ans: B. His belief that any increase in income would boost population growth failed to take into account the fact that higher incomes increase this opportunity cost and therefore reduces the number of children people want.
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Under standard assumptions, which of the following is not a property of indifference curves?
a. They are downward sloping and convex. b. They fill the plane and never cross. c. Their slope is equal, in magnitude, to the relative price of the goods. d. Baskets on indifference curves further away from the origin provide more satisfaction than those which are closer to the origin.
The redistribution of income creates the big tradeoff, which is a tradeoff between ________
A) income and wealth B) equity and efficiency C) rich and poor D) Supplementary Security Income and the Food Stamp program
The infant industry argument
a. is that governments should protect all industries for the first five years of existence b. is that governments should protect a new industry until it can "stand on its own feet" c. defends quotas on products produced by infant industries abroad d. has been used to justify protection of strategically important industries e. explains why some less developed countries export raw materials
Cindy's Sweaters' production function is shown in the above table. Cindy rents two knitting machines for $30 a day each and hires workers at a wage rate of $40 a day
If Cindy produces 20 sweaters per day, what is her average fixed cost of production? A) $3.00 B) $3.33 C) $8.00 D) $11.00