32. Malthus felt human population was in danger of outrunning its food supply be

Question

32. Malthus felt human population was in danger of outrunning its food supply because: a. he thought population would increase at a geometric rate while land remained essentially fixed in supply. b. environmental pollution would eventually decrease the efficiency of agriculture. c. the expected standard of living grows over time. d. profits were insufficient to induce farmers to use their land properly. e. the production possibilities curve shifts inward as population increases.

33. The law of diminishing marginal returns: a. requires that all inputs be varied proportionately. b. states that as an input is increased (all other inputs held constant) output will fall after some point. c. is relevant only when there is significant unemployment in the economy. d. states that if more and more of a resource is used ( the quantities of other resources being held constant), after some point the average, marginal, and total products all become equal. e. states that as variable input is increased(with other inputs remaining constant), beyond some point each additional unit of the variable input adds less to total output than the previous unit.

34. A subsistence standard of living coupled with periods of starvation was the prospect for humanity according to the views of: a. Adam Smith b. David Ricardo c. Joseph Schumpeter d. Karl Marx e. Thomas Malthus

35. The standard of living in the industrialized nations has improved dramatically over the past two centuries despite Malthus’s dismal predictions. Malthus’s most important mistake was to: a. underestimate the extent of technological change. b. ignore the benefits of free trade between nations, as witnessed by his advocacy of the Corn Laws c. believed that the capital stock would remain at a constant level due to a lack of incentives for expansion d. ignore the potential for expanding actual output to the level of full employment output. e. ignore the effects of population increase.

36. Expenditures on education and training that raise per capita output are viewed as: a. conspicuous consumption. b. public and private transfer payments. c. investments in human capital d. consumer surplus e. normative expenditures

37. The advantage of trade, both for individuals and nations: a. always nets out to zero. b. disappears when one has an absolute advantage over the other. c. is that trade permits specialization and specialization increases output. d. is increased when tariffs are imposed e. can only benefit one party in the transaction.

38. A country that is able to produce many goods should specialize in those products: a. in which it has a comparative advantage b. in which it has an absolute advantage. c. it needs most. d. its citizens are most willing to pay for. e. which command the highest price on the world market.

39. When a government puts a tax on an imported good which effectively stops all imports of that good, it is called a(n): a. prohibitive tariff b. export subsidy c. quota d. special drawing right e. negative import tax

40. A quota is: a. a tariff on exports b. a quantitative limit on the amount of a good that may be imported. c. the same as a nonprohibitive tariff. d. the amount of exports a country needs to finance its imports e. a per-unit cash rebate to an exporter

Explanation / Answer

32.) Malthus felt human population was in danger of outrunning its food supply because he thought population would increase at a geometric rate while land remained essentially fixed in supply.So correct option is a.

33)The law of diminishing marginal returns states that as variable input is increased(with other inputs remaining constant), beyond some point each additional unit of the variable input adds less to total output than the previous unit.So correct option is e.

34)A subsistence standard of living coupled with periods of starvation was the prospect for humanity according to the views of Thomas Malthus.So correct option is e.

35)The standard of living in the industrialized nations has improved dramatically over the past two centuries despite Malthus’s dismal predictions. Malthus’s most important mistake was to ignore the potential for expanding actual output to the level of full employment output.So correct option is d.

36) Expenditures on education and training that raise per capita output are viewed as investments in human capital.So correct option is c.

37)The advantage of trade, both for individuals and nations is that trade permits specialization and specialization increases output.So correct option is c.

38)A country that is able to produce many goods should specialize in those products in which it has a comparative advantage,that is lower opportunity cost .So correct option is a

39)When a government puts a tax on an imported good which effectively stops all imports of that good, it is called prohibitive tariff.So correct option is a.

40)A quota is a quantitative limit on the amount of a good that may be imported.So correct option is b.

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