Which of the following did Thomas Malthus believe would deter sustained increases in the growth of income per capita?

Suppose the government imposes a price support that is above the equilibrium price. As a result,

A) total revenue increases. B) consumer surplus increases. C) the marginal cost of the last unit produced decreases. D) the government has effectively imposed a price ceiling. E) the subsidy the government pays decreases.

The above figure shows the marginal social benefit and marginal social cost curves of doughnuts in the nation of Kaffenia. At Kaffenia's efficient quantity of doughnuts

A) total consumer surplus is zero. B) total producer surplus is zero. C) consumer surplus exceeds producer surplus by the greatest possible amount. D) the sum of consumer surplus and producer surplus is maximized.

What is the difference between the accountant’s concept of profit and the economist’s view of profit?

What will be an ideal response?

Which of the following is true if a nation does not have an absolute advantage in producing any goods or service?

a) it cannot have a comparative advantage either b) it will have a comparative advantage in the production of the good or device in which it has a lower opportunity cost c) it will export raw materials and import finished products d) no country will want to trade with this nation because it is not cost effective to do so e) the international value of its currency will be fixed