The theory that our population would grow too quickly relative to our food supply is associated with
A. Adam Smith.
B. Karl Marx.
C. Thomas Malthus.
D. John Maynard Keynes.
C. Thomas Malthus.
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Social surplus is:
A) the product of consumer surplus and producer surplus. B) the consumer surplus minus producer surplus. C) the ratio of consumer surplus to producer surplus. D) the sum of consumer surplus and producer surplus.
A decrease in autonomous consumption ________
A) lowers planned expenditures B) raises equilibrium output for any level of the interest rate C) causes a movement down along the IS curve D) all of the above E) none of the above
A competitive environment penalizes the inefficient use of resources. All but one of the following statements addresses why competition is so important for an efficient outcome. Which statement is not true?
a. Competition drives the price closer to the marginal cost of production. b. Consolidation leads to concentration of market power that allows providers to act like monopolists and price their products above marginal cost. c. Competition forces firms to improve efficiency or lose profits. d. More firms competing in a market means more substitutes, so consumers have more options, and their demand is less elastic.
Refer to the above diagram for good R. A shift in the supply curve from S2 to S1 would best be explained by:
A. government imposing a tax on good R. B. an improvement in the technology used to produce good R. C. a decrease in the price of resources used to produce good R. D. an increase in the price of good R.