What did Malthus say about population growth?
A. Population growth is a huge problem if housing and medical care don't also increase.
B. The population would grow faster than food supplies, which would be a recipe for disaster.
C. Population growth is not a problem if food production keeps up, and Malthus predicted that it would.
D. Population growth is the key to a nation's economic growth.
Answer: B
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Which of the following is true in both perfect competition and monopoly?
a. Firms produce a differentiated product. b. Firms cannot earn economic profit in the long run. c. Individual firms have no ability to control the price of their output but must accept the market price. d. Firms go out of business in the long run if total revenue cannot cover total cost. e. Firms can earn economic profit in the long run.
A marginal revenue product curve shows the change in
a. total revenue caused by a one-unit change in output, other things constant b. total revenue caused by a one-unit change in an input, other things constant c. total product caused by a one-unit change in output, other things constant d. total product caused by a one-unit change in an input, other things constant e. total revenue product caused by a one-unit change in the price of the output, other things constant
A relatively mild period of falling incomes and rising unemployment is called a(n)
a. depression. b. recession. c. expansion. d. business cycle.
Large scale family farms represent about 10% of all farms and produce:
a. Over half of the value of farm production b. About 10% of the value of production c. Less than 10% of the value of production d. About 20% of the value of production