Malthus was too pessimistic because he did not foresee the effects of
A) ever increasing amounts of land for cultivation.
B) increases in the capital stock and the effects of such increases on production.
C) improved nutrition and health care.
D) improved family planning practices.
B
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A standardized good or service is one:
A. for which any two units of it have the same features and are interchangeable. B. for which any two units of it have similar features that could be considered close substitutes. C. for which any two units of it have different, unique features. D. that has very distinguishable characteristics, with each unit being economically unique.
A country producing a combination of 5 units of guns and 6 units of butter would be _________________ (outside/on/inside) the production possibilities curve.
Diana tutors Tiago for two hours before his economics final exam. Tiago pays Diana through a direct transfer from his bank on a payment app. Diana then uses her debit card to buy pizza for dinner from the local pizza parlor. This is an example of
a. the exchange of money facilitating production and trade b. trade between two people who each have a good or service that the other wants. c. an inefficient allocation of scarce resources. d. the creation of money through monetary policy.
Refer to the graphs shown. Which of the graphs correctly depict the long-run Phillips curve?
A. A B. B C. C D. D