ECON 350 Test 3 - Question 1 1.5 out of 1.5 points Who...

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Question 1 1.5 out of 1.5 points Who presented the earliest schedule concept of supply and demand Selected Answer: T.R. Malthus Question 2 1.5 out of 1.5 points The major substantive features of classical microeconomics, such as Ricardian rent theory or Malthusian population theory, revolved around Selected Answer: The law of diminishing return Question 3 1.5 out of 1.5 points Classical diminishing returns in agricultural output (wheat, corn, etc) mean output increased at an increasing rate. Selected Answer: False Question 4 1.5 out of 1.5 points The higher the tax rate and the more complex the tax system, the greater will be the incentive to Selected Answer: Avoid or minimize tax Question 5 1.5 out of 1.5 points According to classical economics, commodities sold in non-competitive markets and commodities in fixed supply sold Selected Answer: At prices determined by supply and demand Question 6 1.5 out of 1.5 points For Adam Smith, output as a welfare index was to be measured by Selected Answer:
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