Of the following, which best explains why Thomas Malthus was incorrect in his prediction that population would outstrip food supplies?
A. Malthus incorrectly believed that economic growth would reduce birthrates.
B. Malthus failed to recognize that economic growth is accompanied by smaller family sizes.
C. Malthus failed to realize that that human population would increase considerably.
D. Malthus incorrectly predicted that modernization would increase the demand for children.
Answer: B
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When actual output is less than potential output, there is ________ output gap and the rate of inflation will tend to ________.
A. an expansionary; increase B. a recessionary; increase C. an expansionary; decrease D. a recessionary; decrease
In making decisions about insurance, a crucial piece of information to know is:
A. how easily you can reduce the risk of experiencing the event you're insuring against. B. how many others will likely be affected by the same risk. C. how catastrophic would the event's occurrence be if the event you're insuring against happened. D. when the event you're insuring against is most likely to occur.
A market shortage occurs if the:
A) price is above the equilibrium price. B) price is equal to the equilibrium price. C) equilibrium price is above the current price. D) equilibrium price is below the current price.
Refer to the information provided in Figure 7.9 below to answer the question(s) that follow. 
Figure 7.9Refer to Figure 7.9. The firm's isocost line could shift from AB to CD if
A. the price of capital decreased. B. the firm's total expenditures increased by 50%. C. the price of capital and labor each decreased by 33.3%. D. either B or C