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
Answer: B
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Which of the following are the three fundamental economic questions?
a. What to produce, when to produce, and where to produce b. What time to produce, what place to produce, and how to produce c. What to produce, when to produce, and for whom to produce d. What to produce, how to produce, and for whom to produce
Fill in the following table for a product in a purely competitive market. The market price for the good is $32. Use the total revenue–total cost approach to evaluate at what quantity the firm can maximize its profits
The labor force includes
A) only the number of people employed. B) discouraged workers. C) only the number of people unemployed. D) both employed and unemployed workers.
Refer to Table 16-3. Suppose Julie's marginal cost of providing this service is constant at $7 and she charges each customer according to his or her willingness to pay instead of a uniform price of $7. Which of the following statements is true?
A) Julie has converted the consumer surplus (from a uniform price) into economic profit. B) Julie's has converted the producer surplus (from a uniform price) into consumer surplus. C) Julie is worse off because the demand for her services is reduced. D) Julie's customers are better off because their consumer surplus has increased.