The English economist, Thomas Malthus, believed that sustained growth of income per person would be impossible because of
a. rapid growth of capital formation if population increased above the subsistence level.
b. rapid growth of population if income increased above the subsistence level.
c. rapid growth of government if income increased above the subsistence level.
d. political democracy if income increased above the subsistence level.
B
Economics
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The sum of personal consumption expenditure, investment expenditure, government expenditure, and net export expenditure on the total amount of real output in the economy in a given period of time is called:
A) potential GDP. B) aggregate expenditure. C) real money balances. D) none of the above.
Economics
Describe the shape of the utility function of a risk averse person
Economics