The Malthusian theory said that population tended to grow in a _____ progression, while the food supply grew in an _____ progression.
Fill in the blank(s) with the appropriate word(s).
geometric; arithmetic
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If the economy is falling below potential real GDP, which of the following would be an appropriate fiscal policy to bring the economy back to long-run aggregate supply? An increase in
A) government purchases. B) the money supply and a decrease in interest rates. C) taxes. D) oil prices.
The "information barrier" that is the root cause of business cycles in the Lucas model is that
A) workers observe the prices of what they personally buy, but cannot observe the general price level. B) workers do not know when changes in the price level mean changes in the prices of the goods they buy. C) firms do not know when changes in the price of the good they sell matches changes in the price level and thus their marginal cost. D) firms do not know if a change in the price level will have any effect on their marginal cost and thus their willingness to supply.