As a consumer moves along an indifference curve and decreases consumption of the good on the x-axis, the consumer needs ________ of the good on the y-axis to give up an additional unit of the good on the x-axis
A) less and less
B) more and more
C) none
D) a constant amount
B
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________. 
A. Rising; A B. Falling; A; C C. Falling; B: C D. Rising; A; C
In the simple circular flow model
A) businesses buy labor services from households, but supply other factors of production themselves. B) households spend their entire income on consumer products. C) profits are a type of income that is not received by households. D) households spend the income they receive from labor services but save the income they receive from selling the other factors of production.
To say that turnips are inferior goods means that the income elasticity
A) is definitely greater than 1. B) is definitely between 0 and 1. C) is positive but could be greater than or less than (or equal to) 1. D) is negative.
Examples of transfers-in-kind include
A) tax rebates on both the federal and state levels. B) taxes on alcohol and tobacco. C) food stamps and public housing. D) political advertising.