How were Smith, Ricardo, Malthus and Marx, in their own ways, pessimistic about long-term development?
What will be an ideal response?
Smith suggested a slowing of growth as a nation became rich. Ricardo emphasized diminishing returns to land. Malthus forecast inequality and rapid population growth, leading possibly to war and famine. Marx thought the conflicting interests of labor and capital would bring an end to capitalist growth, although he imagined that a post-capitalist society could develop in different ways.
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Teenagers drink more soda than other age groups. If the number of teenagers increases, everything else remaining the same,
A) market demand for soda does not change. B) market demand for soda increases. C) there is a movement along the market demand curve for soda. D) market demand for soda decreases. E) None of the above answers is correct because the effect on the demand depends whether the supply curve shifts rightward, leftward, or not at all.
A perfectly competitive firm's demand curve is
A) upward sloping. B) downward sloping. C) a vertical line. D) a horizontal line.
Substitute goods are goods that are:
a. jointly consumed. b. competing for consumer spending. c. used late in the game. d. inferior. e. normal.
Whenever marginal cost is greater than average total cost,
a. average total cost is rising. b. marginal cost is falling. c. average total cost is falling. d. Both b and c are correct.