What were the negative results predicted by Malthus' and how can we avoid such results?
Malthus predicted that per capita income would eventually decline to a subsistence level of income. We can avoid such a result through technological advance at a pace sufficient enough to offset the diminishing marginal return on existing natural resources.
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During the 1990s positive technological change in the production of chicken caused the price of chicken to fall. Holding everything else constant, how would this affect the market for pork (a substitute for chicken)?
A) The demand for pork would decrease and the equilibrium price of pork would decrease. B) The demand for pork would decrease and the equilibrium price of pork would increase. C) The demand for pork would increase because consumers could afford to buy more chicken and pork. D) The supply of pork would increase and the equilibrium price of pork would decrease.
Lorenz curves tell us about the
A. absolute distribution of income. B. poverty line. C. incidence of malnutrition. D. relative distribution of income.
Preempting demand, gaining volume cost advantages, building the brand, and establishing a long-term competitive advantage are associated with
What will be an ideal response?
Refer to the diagram. Assume that G and T 2 are the relevant curves, the economy is currently at A, and the full-employment GDP is B. This economy has a(n):
A. cyclically adjusted budget surplus.
B. actual budget deficit.
C. cyclically adjusted budget deficit.
D. actual budget surplus.