According to the Malthusian prediction in the long run:
a. growth in real output of an economy would eventually become negative.
b. growth in real output of an economy will eventually reach a stable level.
c. scarcity would be completely eliminated.
d. poverty would be completely eliminated.
Question 2
If a nation specializes in activities in which opportunity costs are the lowest and then trades with other nations, it is most likely to:
a. have a higher standard of living for its citizens than it would if it did not specialize and then trade.
b. have a lower standard of living for its citizens than it would if it did not specialize and then trade.
c. create as much wealth for its citizens as it could if it did not specialize and then trade.
d. benefit in the short run but incur heavy loss in the long run.
e. incur heavy loss in the short run and eventually cease production in the long run.
Exponential population growth.
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