Explain Mathusian trap
What will be an ideal response?
Thomas Robert Malthus, an English economist, argued that an increase in output would lead to a decrease in mortality, leading to an increase in population until output per person was back to its initial level. The stagnation of output per person is called a Malthusian trap.
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With a vertical LM curve, an increase in the money supply can be matched by an equal increase in money demand only through ________, which causes monetary policy to be particularly ________
A) a rise in income, strong B) a rise in income, weak C) a fall in the interest rate, strong D) a fall in the interest rate, weak
The tax revenues of federal, state, and local governments have different sources, in that the federal government relies primarily on:
A. excise and property taxes; state and local governments rely on sales taxes. B. sales taxes; state and local governments rely on excise and property taxes. C. sales and property taxes; state and local governments rely to a greater extent on income taxes. D. income taxes; state and local governments rely to a greater extent on sales and property taxes.
In the 17th century, the Middle colonies:
a. primarily produced crops using slaves on large plantations. b. primarily produced crops that are associated with large economies of scale. c. exported large amounts of wheat and flour to the West Indies. d. are often referred to as "a mercantilist's dream.".
In economics, interpersonal comparisons of utility
a. are widely accepted as useful and accurate to determine market demand b. are widely accepted as useful and accurate to determine consumer surplus c. can be measured accurately by using the hypothetical unit of utils d. are generally avoided because we cannot compare with complete confidence the utility one person derives from a dollar to the utility another person derives from adollar e. are widely accepted as useful and accurate because consumers have similar utility preferences