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Author Question: Define subsistence level. What happens if the income in an economy exceeds the subsistence level in ... (Read 158 times)

D2AR0N

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on: Jun 30, 2018
Define subsistence level. What happens if the income in an economy exceeds the subsistence level in Malthus cycle?
 
  What will be an ideal response?

Question 2

Which of the following is an example of a macroeconomic aggregate?
 
  A) Total fixed cost faced by a firm B) Income earned by a household
  C) Profit earned by an entrepreneur D) The annual inflation rate
Macroeconomics ¦ Acemoglu, Laibson, List ¦ 3rd Edition
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Dnite

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Reply #1 on: Jun 30, 2018
Answer to Question 1

The subsistence level is the minimum level of income per person that is generally necessary for the individual to obtain enough calories, clothing, and shelter to survive.
If the income in an economy exceeds the subsistence level, the fertility in the economy increases, which in turn increases the size of population of the economy.

Answer to Question 2

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D2AR0N

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Reply #2 on: Jun 30, 2018
Thank you :)


Dnite

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Reply #3 on: Jun 30, 2018
Happy to help you


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