Why were Thomas Malthus' fears of increasing impoverishment for Europe and America unfounded?
What will be an ideal response?
They are unfounded because he neither anticipated the technological changes that revolutionized agricultural productivity nor the eventual decrease in population growth rates in Europe and North America.
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The fact that price subsidies reduce economic surplus implies that:
A. price subsidies help the rich but not the poor. B. we can find an alternative policy that will make both the rich and the poor better off. C. price subsidies are not effective at lowering prices. D. the quantity bought and sold in the market will fall.
The table above shows Mary's utility from chips and soda. The table shows that Mary has diminishing marginal utility for
A) both chips and soda. B) neither chips nor soda. C) soda, but not chips. D) chips, but not soda.
Suppose all firms in a perfectly competitive industry are earning an economic profit. One would expect that, over time, the number of firms in the industry will ________ and the market price will ________.
A. rise; stay the same B. fall; rise C. rise; fall D. rise; rise
Which of the following items has the largest price elasticity of demand?
A) food B) fruit C) oranges D) oranges from a Wal-Mart SuperCenter