If the CPI is 220 and nominal income is $37,000, approximately what does real income equal?
A) $81,400
B) $16,818
C) $76,500
D) $44,118
B
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The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A
Free riding is primarily a characteristic of which type of good?
A) a pure private good B) a pure public good C) a club good D) a common pool resource
Aggregate supply denotes the relationship between the __________________ that firms choose to produce and sell and the _________________, holding the price of inputs fixed.
a. total quantity; price level for output b. type of goods; input price of raw materials c. price of goods; number of employees d. total inputs; types of goods
An example of a variable cost to the firm is the
a. monthly rent it pays based on a multiple-year lease b. cost of shipping the goods it produces c. property taxes it pays d. interest payments on a bank loan e. entrepreneur's opportunity cost