Written in 1972, the Book That Argued That Long-Run Economic

question 223

Multiple Choice

Written in 1972, the book that argued that long-run economic growth was not sustainable because of limited supplies of natural resources was called:

• A) An Essay on the Principle of Population.
• B) The Limits to Growth.
• C) The Wealth of Nations.
• D) Aftershock: The Next Economy and America's Future.

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Definitions:

Demand Function

A mathematical function that describes the quantity of a good that consumers are willing and able to purchase at various prices.

Subsidy

A financial contribution granted by the government or a public body to assist an industry or business so that the price of a commodity or service may remain low or competitive.

Monopoly

A market structure characterized by a single seller who has exclusive control over the supply of a good or service and where entry by new competitors is obstructed.

Utility

A measure of satisfaction or happiness that a consumer derives from the consumption of goods and services.