Thomas Robert Malthus believed
A) that food supplies would always be more than sufficient to feed the world's population.
B) that the world's population would eventually outstrip food supplies.
C) that population growth was good for the world.
D) that population growth would eventually lead to an increase in the quality of life for everyone.
B
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The income elasticity of demand for restaurant meals is 1.61. So
A) if income increases by 16.1 percent, the quantity demanded of restaurant meals will increase by 10 percent. B) if income increases by 10 percent, the quantity demanded of restaurant meals will increase by 16.1 percent. C) restaurant meals are an income elastic normal good. D) Both answers B and C are correct.
There is no trade-off between inflation and unemployment when expectations are ________ and policy changes are ________
A) adaptive; anticipated B) adaptive; unanticipated C) rational; anticipated D) rational unanticipated
In many countries, an exchange-rate peg substitutes for ________
A) speculative attacks B) an export-oriented sector C) discretionary monetary policy D) capital controls
Which of the following is true with regards to a long-run cost function?
a. The shape of the firm's long-run cost function is important in decisions to expand the scale of operations b. The long-run average cost curve is U-shaped c. The long-run average cost curve is flatter than the short-run average cost curve. d. The curve consists of the lower boundary of all the short-run cost curves e. All of the above