The set of income-quantity pairs showing the amount of a good the consumer buys at various levels of income is called
a. a compensated demand curve.
b. a budget line.
c. an income-elasticity curve.
d. an Engel curve.
d. an Engel curve.
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Using a production possibilities curve, an economy that produces an output combination less than the maximum possible is depicted by a point located:
a. at the top corner of the curve. b. near the middle of the curve. c. at the bottom corner of the curve. d. outside the curve. e. inside the curve.
Keynesian economists believed that the prolonged unemployment of the 1930s was the result of
a. the sharp reduction in the supply of money during 1929-1933 and another monetary contraction in 1938. b. the high interest rates of the 1930s. c. the double-digit inflation of the 1930s. d. insufficient aggregate demand and the failure of market forces to direct the economy back to full employment.
Which of the following does free trade encourage?
A. more rapid spread of technology B. domestic industries' access to larger markets C. higher rates of economic growth D. all of these
Thomas Malthus was an economist who contributed to the ________ theory of growth
A) neoclassical B) Keynesian C) new growth D) socialist E) classical