The classical model of Malthus predicted that economies would
A) continue to grow indefinitely.
B) experience rapid technological progress.
C) reach a state where the growth of real GDP per person stopped.
D) experience significant productivity growth.
C
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In economic models, variables taken as given and not explained by the model are called ________ variables
A) exogenous B) endogenous. C) short-run. D) long-run. E) nominal.
Assume a market price gets set artificially high-that is, it gets set above the equilibrium price. This change means:
A. Every consumer loses surplus, and it all gets transferred to producers. B. Every producer gains surplus, due to the higher price now being charged. C. Some consumers drop out of the market, and those left lose some surplus. D. None of these is true.
Which of the following is correct?
a. Consumer surplus refers to a situation in which there are more buyers than sellers in a market. b. Producer surplus refers to a situation in which there are more sellers than buyers in a market. c. Total surplus is measured as the area below the demand curve and above the supply curve, up to the equilibrium quantity. d. All of the above are correct.
Suppose in the country of Jumanji that the price of wheat with no trade allowed is above the world price of wheat. If Jumanji allows free trade, will Jumanji be an importer or an exporter of wheat?