Malthus's gloomy economic outlook for humankind is based on the following principle:
a. Population, when unchecked, increases at a faster pace than the production of output
b. Population grows at a slower pace than the production of output.
c. Resources grow faster than humankind can reproduce itself. Therefore, humankind can never take full advantage of available resources.
d. Resources and population grow at constant percentage rates, but political divisions prevent an equitable division of world output.
a
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Relative prices are an effective way of informing producers of
A) their marginal benefits of production. B) their marginal costs of production. C) both A and B. D) none of the above.
What best describes state fiscal experience in the late 1920s and early 1930s?
a. Revenues dropped consistently through the period because less was being produced. b. State spending decreased through the period c. The growth in state expenditures exceeded the growth of federal expenditures during the same period. d. States either ran budget surpluses or fairly small deficits.
Which of the following activities, if any, represents an external cost? a. The benefits that accrue to society when an individual receives a college education
b. The increase in property values of vacant lots in an area near where a new amusement park is constructed. c. The pollination of apple trees that occurs when a beekeeper locates next door to an apple orchard. d. None of the above
Which of the following best explains why price in competitive price-taker markets will tend to be driven to the minimum average total cost?
a. homogeneous products. b. few sellers. c. firms face downward-sloping demand curves. d. free entry and exit.