One of the main reasons that Malthus' prediction of repeated wars and famines did not come true is
a. the government's intervention in the economy
b. the implementation of an income tax to raise money for governmental spending
c. increases in the supply of labor
d. continuing technological change
e. changes in planned investment spending
D
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U.S. antitrust laws view monopolies as undesirable because
A) monopolies restrain trade and promote inefficiencies. B) monopolies create inferior products. C) monopolies produce only capital goods. D) monopolies produce only cheap, low quality goods.
Gains from trade can be realized if each country specializes in the production of a good in which it has a comparative advantage
a. True b. False Indicate whether the statement is true or false
Fred's demand schedule for movie DVDs is as follows: At $30, he would buy 1; at $25, he would buy two; at $15, he would buy 3; and at $10, he would buy 4 . If the price of movie DVDs equals $25, the consumer surplus Fred receives from purchasing movie DVDs would be: a. zero. b. $5
c. $25. d. $55.
Which of the following occurs when the spending on final goods and services exceeds full-employment GDP?
A. Unemployment. B. Recessionary gap. C. Inflationary gap. D. Inventory accumulation.