8. Under a Malthusian paradigm, why do wars, pandemics, and famines cause a tem-porary increase in per-capita wealth?(A) The corporations associated with weapons, pharmaceuticals, and agriculture profit,thus increasing economic growth.(B) The available resources are shared between fewer individuals, since many havedied.(C) The available resources increase in price, since demand rises.(D) Per-capita wealth never rises under a Malthusian paradigm.The next four questions involve the following situation: Consider an economywith only two products: guns and butter. There is no international trade and no gov-ernment. The following table shows production and prices in 2019 and 2020. Use 2019as the base year for any relevant calculations.YearGoodPrice per unitProduction (units)$1,000$1002019Guns10,0002019Butter5,00020,0005,0002020Guns$5002020Butter$2009. What is nominal GDP in 2019?(A) $10,000,000.(B) $20,500,000.(C) $11,000,000.(D) $10,500,000.10. What is nominal GDP in 2020?(A) $10,000,000.(B) $20,500,000.(C) $11,000,000.(D) $10,500,000.

8. Under a Malthusian paradigm, why do wars, pandemics, and famines cause a tem- porary increase in per-capita wealth? (A) The corporations associated with weapons, pharmaceuticals, and agriculture profit, thus increasing economic growth. (B) The available resources are shared between fewer individuals, since many have died. (C) The available resources increase in price, since demand rises. (D) Per-capita wealth never rises under a Malthusian paradigm.

8. Under a Malthusian paradigm, why do wars, pandemics, and famines cause a tem- porary increase in per-capita wealth? (A) The corporations associated with weapons, pharmaceuticals, and agriculture profit, thus increasing economic growth. (B) The available resources are shared between fewer individuals, since many have died. (C) The available resources increase in price, since demand rises. (D) Per-capita wealth never rises under a Malthusian paradigm.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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