Thomas Malthus' prediction of mass starvation resulting from diminishing marginal returns has not been fulfilled because
A) the law of diminishing marginal returns did not hold in this case.
B) Malthus ignored other factors like technological change.
C) relative to Malthus' day, larger percentage of today's labor works in the agricultural sector.
D) All of the above.
B
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Secured and enforced individual property rights provide individuals with incentive to allocate resources efficiently and effectively, advance technologically, take on strategic risks and trade domestically and internationally
Indicate whether the statement is true or false
Suppose that X and Y are complementary goods. If the price of good X decreases, we can expect the:
a. demand for good X to increase. b. quantity demanded of good Y to decrease. c. quantity demanded of good Y to increase. d. demand for good Y to decrease. e. demand for good Y to increase.
When marginal cost exceeds the average variable cost, average variable cost must be increasing
a. True b. False Indicate whether the statement is true or false
Currency traders expect the value of the dollar to rise. What effect will this have on the demand for dollars and the supply of dollars in the foreign exchange market?
A) Demand for dollars will increase, and supply of dollars will decrease. B) Demand for dollars will increase, and supply of dollars will increase. C) Demand for dollars will decrease, and supply of dollars will increase. D) Demand for dollars will decrease, and supply of dollars will decrease.