The classical theory was developed in the late 18th and early 19th centuries
A) and cannot be explained using the modern tool of the productivity function.
B) and therefore is not accepted today.
C) and still applies to the most developed nations today, though not to the less developed nations.
D) and has proponents today who fear population growth and overpopulation.
E) during a time of population decline.
D
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Assume that the economy has two sectors, milk and orange juice, and that both sectors are initially in long-run competitive equilibrium. Milk and orange juice are substitute goods
Trace the effects of a change in preferences that increases the demand for orange juice.
Which of the following will not cause a change in demand for crackers?
a. A change in consumers' income. b. A change in the price of crackers. c. A change in the price of cheese. d. A change in the number of cracker-eaters. e. A change in consumers' tastes for crackers.
Who said "If it moves, tax it. If it still moves, regulate it. If it stops moving, subsidize it."?
A) Barack Obama B) Ronald Reagan C) Vilfredo Pareto D) Adam Smith
Which of the following quotations best captures the idea of opportunity cost?
a. "Opportunity knocks but once." b. "Every choice involves a sacrifice." c. "Let's not ask for the moon; we have the stars." d. "Fools rush in where wise men fear to tread." e. "All that glitters is not gold."