The classical model of Malthus predicted that economies would
A) continue to grow indefinitely.
B) experience rapid technological progress.
C) reach a state where the growth of real GDP per person stopped.
D) experience significant productivity growth.
Question 2
The demand for computer chips is a downward sloping straight line. If there is an increase in the supply of computer chips, this change will
A) increase the price elasticity of demand for computer chips.
B) decrease the price elasticity of demand for computer chips.
C) have no effect on the price elasticity of demand for computer chips.
D) have an unpredictable effect on the price elasticity of demand for computer chips.
