When Thomas Malthus argued that the prospects for human flourishing were gloomy and that starvation would eventually become the normal human condition, he was assuming that
A. self-interest will become more intense and religion will cease to be an influential force in society.
B. epidemics will overpower the many technological advances that he expected.
C. diminishing returns to production will become more apparent.
D. diseconomies of scale will become more commonplace.
Answer: C
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Suppose that domestic investment in Canada is 10.7% of GDP, and Canadian national savings is 13% of GDP. What is Canada's foreign investment as a percentage of GDP?
A) 1.15% B) 2.3% C) 15.3% D) 23.7%
In a closed economy, which of the following components of GDP is not included?
A) net exports B) consumption C) investment D) government spending
If a cartel can earn a profit, it will increase production as long as
a. MR > MC b. MR > ATC c. MC > MR d. MR < AR e. MR > AVC
With expansion in the level of output, total fixed cost:
a. declines but remains positive. b. increases. c. falls to zero. d. remains constant. e. becomes negative.