The order of Soviet dictator Joseph Stalin to farmers in the 1930s to produce capital equipment rather than food
a. was based on government support payments for agriculture.
b. relied on foreign assistance.
c. was an illustration of the capital formation method.
d. was an illustration of the brute force method of breaking the poverty cycle, and it was a very successful policy.
e. was an illustration of the brute force method of breaking the poverty cycle, and it meant starvation for millions of farmers.
E
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At equilibrium in a market for a product, the total revenues received by sellers equal the
A. market producer surplus. B. total amount spent by buyers on the product. C. market consumer surplus. D. total profit of sellers.
According to this Application, economist Thomas Malthus observed that social maladies such as the Black Death would temporarily ________ living standards until ________ living standards led to increased population growth
A) lower; higher B) raise; lower C) raise; higher D) lower; lower
Refer to Figure 2-14. Which country has a comparative advantage in the production of popsicles?
A) Greenland B) They have equal productive abilities. C) Iceland D) neither country
In the 1990s, many people had rising incomes. At the same time, there was a rise in the cost of lumber. This would cause the demand for houses to _________ and the supply for houses to_________
a. Increase, increase b. Increase, decrease c. Decrease, increase d. Decrease, decrease