The concerns about world food production raised by Malthus have not materialized because:
A) input prices have fallen over time.
B) crop prices have risen over time.
C) Malthus was wrong about the diminishing returns to labor in agriculture.
D) technological improvements have increased our ability to produce food over time.
D
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During recent elections, consumer groups in various states attempted to get the sales tax on all medicines and drugs removed. They argued that such a tax is "severely regressive." What is the economic interpretation of their statement?
a. The poor get ill more often than do the rich. b. The poor pay higher prices for medicine and drugs than do the rich. c. The poor pay a higher percentage of their income for medicine and drugs than do the rich. d. All consumers pay too much money for medicine and drugs. e. The sales tax discourages the poor from seeking medical treatment.
In 2015, U.S. GDP was almost
a. $18 trillion. b. $15 trillion. c. $14 trillion. d. $12 trillion.