Which of the following is a flaw in Malthus' population theory?
A. His belief that growth in real GDP cannot exceed population growth real GDP despite technological advancements.
B. His belief that any increase in income would boost population growth failed to take into account the fact that higher incomes increase this opportunity cost and therefore reduces the number of children people want.
C. Rising incomes makes it more affordable for families to have more children and to educate their children so that they become productive members of society.
D. He failed to take into account that over time, as countries develop, the agricultural shrinks, reducing the need for people to have large families to help out in the family farm.
Ans: B. His belief that any increase in income would boost population growth failed to take into account the fact that higher incomes increase this opportunity cost and therefore reduces the number of children people want.
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One major role that the government plays in the market economy of the U.S. is: A. Setting production targets for major industries B. Requiring minimum levels of employment in major industries C. Allocating resources in various market activities D. Setting laws governing economic activity