Malthus predicted that:
A. income would eventually grow faster than population, so per capita income would eventually begin to increase.
B. population and income would eventually grow at the same rate, so per capita income would increase over time.
C. population and income would eventually grow at the same rate, so per capita income would eventually be constant.
D. population would eventually grow faster than income, so per capita income would eventually begin to decrease.
Answer: D
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Jacob buys less soda when the price of soda rises 10 percent, while the prices of all other goods also rise 10 percent. Jacob is
A) behaving in accordance with classical economic theory. B) worrying too much about a coming recession. C) suffering from money illusion. D) paying too much attention to changes in relative prices.
According to the above table, if the wage rate is $400 a week and the price of the good produced is $5, the perfectly competitive firm should hire
A) 3 workers. B) 4 workers. C) 5 workers. D) 6 workers.
Which of the following is an example of a near-public good?
a. a highway b. clean air c. a gallon of milk d. pollution e. a ticket to a professional baseball game
The primary reason we think of inflation as bad even when wages rise with it is that it:
What will be an ideal response?