Which of the following statements is true of Malthus's theory?
A) Malthus suggested that fertility level of the population will remain constant over time.
B) Malthus suggested that the life expectancy of the population will remain constant over time.
C) Malthus suggested that in the long run, income levels will grow exponentially.
D) Malthus suggested that in the long run, income levels will stay at subsistence.
D
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In defining the money supply (M1), economists exclude savings deposits because
a. the purchasing power of savings deposits is much less stable than that of checkable deposits and currency. b. savings deposits are a form of investment and, thus, a better store of value than money. c. savings deposits are liabilities of commercial banks, whereas checkable deposits are assets of the banks. d. savings deposits are not generally used as a means of payment.
If there is no response in quantity demanded to a change in price, demand is
A. perfectly inelastic. B. elastic. C. unit-elastic. D. perfectly elastic.