In his An Essay on Population Growth, Thomas Malthus argued that population would increase at a geometric rate and the food supply at an arithmetic rate and that this disharmony would lead to forced return to subsistence-level conditions.
a. true
b. false
Ans: a. true
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Both monopolistically and perfectly competitive firms earn only normal profits in the long run
a. True b. False Indicate whether the statement is true or false
In 2015 the Japanese adult non-institutionalized population was 110.7 million, the labor force was 66 million, and the number of people employed was 63.7 million. According to these numbers, the Japanese labor-force participation rate and unemployment rate were about
a. 57.5% and 2.1% b. 57.5% and 3.5% c. 59.6% and 2.1% d. 59.6% and 3.5%
Jessica's marginal cost for producing a pitcher of lemonade is $0.25. Therefore, $0.25 is her:
A. equilibrium price. B. marginal revenue. C. producers surplus. D. reservation price.
If a positive permanent supply shock were to occur, the resulting equilibrium would be a:
A. higher level of output at lower prices. B. lower level of output and prices. C. higher level of output and prices. D. lower level of output at higher prices.