It can be argued that Thomas Malthus' An Essay on the Principle of Population statement that population growth will always outstrip food production has been discredited due to
A) increase in the world-wide farming population.
B) less world-wide consumption of grains.
C) improvement in technology of food production.
D) increase in food processing facilities.
C
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What are the factors that affect GDP according to the aggregate production function used by Solow?
What will be an ideal response?
The cross-price elasticity of demand between bread and potatoes is estimated to be 0.5. This implies bread and potatoes are:
A. normal goods. B. complements. C. substitutes. D. unrelated.
If a vintner has a comparative advantage in producing wine,
A. wine is the only product he can produce. B. he can produce wine at a lower opportunity cost than other vintners. C. he also has an absolute advantage in producing wine. D. he can produce more wine using the same resources than other vintners.
You wish to buy only one CD. Use the rule of equal marginal utility per dollar to determine which one to purchase: (a) Drake's latest CD for $15 which gives you 75 units of utility, or (b) Bob Dylan's "Shadows in the Night" for $10 that gives you 100
units of utility? What will be an ideal response?