ECON 350 Quiz 3

Adam Smith argued additional costs of taxation include
According to the information, if an incremental output of 6 units per worker input yielded “ordinary profits,” then how many workers would be employed on land A?
Classical diminishing returns in agricultural output (wheat, corn, etc) mean output increased at an increasing rate.
Adam Smith depicted rent in the same fashion as Ricardo
Thomas Sowell argued that if population growth is regulated by the food supply, then the western countries should have
The higher the tax rate and the more complex the tax system, the greater will be the incentive to
For Adam Smith, output as a welfare index was to be measured by
The major substantive features of classical microeconomics, such as Ricardian rent theory or Malthusian population theory, revolved around
By the time that John Stuart Mill’s Principles of Political Economy was published in 1848, a substantial data made it clear that subsistence had been increasing faster than the population for some time.
The central tenets of diminishing returns can also be found in Malthus’ population theory
According to classical economics, commodities sold in non-competitive markets and commodities in fixed supply sold
All economists rejected or abandoned the Malthusian theory in the mid-1800
Ricardian emphasized that rent was determined by price but was not itself a determinant of price
Adam Smith explained the secular declines in profit was due to
Who presented the earliest schedule concept of supply and demand
“… rent is always the difference between th produce obtained by the employment of two equal quantities of capital and labor.” This definition was given by
The classical value theory mainly is about
Malthusian population theory argued
Tax interest on savings and gains on investments would
Manufacturing, according to classical economics, is said to be a good example of diminishing returns
The water and diamond paradox can be explained by the concept of
According to the classical assumption of constant cost functions in manufacturing, the price of a product equals to its ___________ and is not affected by the demand for the product
Equal successive increments of a variable input, such as labor, added to a fixed input, such as capital, would produce declining increments of output given the level of technology is known as
According to Malthusian population theory, the poverty problem among the working classes is caused by
Malthus viewed utility of value is
Low tax rates enable those who are successful to retain a greater portion of their earnings and allow them to
What type of tax structure would encourage hard work?
According to the following information, if the price of agricultural produce were sufficient to have three workers to be employed on a land, what would be the rent for the first worker?
The mercantilist measured prosperity of a nation by its per capita income
Limited government and __________ go hand in hand in creating wealth

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