According to Malthus, a fixed quantity of land and a growing population combined to produce:
A. accelerating economic growth.
B. a stationary state in which growth ceased.
C. continuous but variable economic growth.
D. a stationary state in which the economy grew, but at a fixed and unchangeable rate.
Answer: B
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The money multiplier equals
a. 1/R, where R represents the quantity of reserves in the economy. b. 1/R, where R represents the reserve ratio for all banks in the economy. c. 1/(1+R), where R represents the quantity of reserves in the economy. d. 1/(1+R), where R represents the reserve ratio for all banks in the economy.
Demand for a given good is elastic, which means that the percentage change in __________ is greater than the percentage change in __________.
Fill in the blank(s) with correct word.
The free-rider problem plagues public goods because
A. once public goods are produced it is not possible to exclude anyone from consuming these goods. B. the government can refuse to serve a citizen. C. public goods are not produced by profit-maximizing firms and hence can be produced only at a loss to society. D. the public doesn't care about public goods.
As growth progresses and countries become richer, pollution
A. rises exponentially. B. tends to fall. C. rarely changes. D. levels double.