The Malthusian prospect of starvation of the population could be prevented by:
a. increasing the amount of land available for agriculture
b. investing in research and development of new technologies.
c. expanding food production on available land.
d. all of the above
d
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If the elasticities of demand for alcohol, tobacco and gasoline are low and the elasticities of supply are high, then the burden of these taxes (excise taxes) falls more heavily on buyers than on sellers
Indicate whether the statement is true or false
Economic profit is defined as total revenue
a. plus total costs b. minus marginal costs c. minus variable costs d. minus total costs e. minus fixed costs
According to Keynes, investment demand depends less on interest rates than on the
a. availability of savings b. flexibility of wages and prices c. level of disposable income d. competitiveness of labor markets e. expectations of a continuing robust economy
As more workers are added to a factory with few employees, ________________rises.
Fill in the blank(s) with the appropriate word(s).