Based on Figure 3.2, it can be inferred that:
A) Alvin does not consider good X as "good."
B) Alvin will never purchase any of good Y.
C) Alvin regards good X and good Y as perfect substitutes.
D) Alvin regards good X and good Y as perfect complements.
E) none of the above
D
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The labor force is defined as the
A) number of people over 16 years of age. B) number of people who are working. C) sum of employed and unemployed people. D) number of people in blue-collar jobs.
The rate of output at which the price level has no tendency to rise or fall is called the
A) natural rate of output. B) potential level of income. C) bliss point. D) efficient level of output.
In the European Monetary Union, the supply of euros
A) is managed by the individual central banks of the member countries. B) is managed by the European Central Bank. C) is determined by market forces. D) automatically varied in response to short-run fluctuations in the exchange rates of the member nations.
Thomas Malthus was an economist who contributed to the ________ theory of growth
A) neoclassical B) Keynesian C) new growth D) socialist E) classical