The nineteenth-century British economist Thomas Malthus argued that the law of diminishing returns implied that
A. raw materials would eventually run out.
B. eventual misery would befall the human race.
C. technological change would grow at an increasing pace.
D. capital would increase relative to labor.
Answer: B
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Offering an expensive engagement ring to your (future) bride is a
a. Screening mechanism b. Signaling mechanism c. Way to waste money d. None of the above
The lower the price of a foreign currency, the more expensive that foreign country's goods and services are to individuals in the domestic economy
a. True b. False
A firm will tend to follow competitors when they increase spending on R&D but will not follow them when they decrease such spending.
Answer the following statement true (T) or false (F)
A budget surplus is defined as:
A. a shortfall of revenues compared to expenditures. B. accumulated surpluses minus accumulated deficits. C. accumulated deficits minus accumulated surpluses. D. a shortfall of expenditures compared to revenue.