Related to the Economics in Practice on p. 67: Increased preference for quinoa would shift the ________ curve for quinoa to the right and lead to a(n) ________ in the price of quinoa, ceteris paribus.
A. supply; decrease
B. demand; decrease
C. demand; increase
D. supply; increase
Answer: C
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Which of the following is a difference between an oligopoly model with homogeneous products and a monopoly?
A) Firms in an oligopoly with homogeneous products earn positive economic profits in the long run, while a monopoly earns zero economic profits in the long run. B) Firms in an oligopoly with homogeneous products face stiff competition from its rivals, while there is no competition in a monopoly. C) There are huge barriers to entry in an oligopoly with identical products, while there are no barriers to entry in a monopoly. D) Firms in an oligopoly with identical products charge a price higher than marginal cost in the long run, while a monopoly charges a price lower than marginal cost in the long run.
The efficiency wage model is an explanation of wage __________ and thus a support for the ____________________ view
A) flexibility; Keynesian B) flexibility; classical C) inflexibility; Keynesian D) inflexibility; classical
Which of the following price-quantity data would not be part of the demand curve derived from the graph below? 
A. Price = 4, quantity = 14 B. Price = 2, quantity = 12 C. Price = 10, quantity = 5 D. Price = 0, quantity = 10
Critics contend that the crowding-out effect will be minimal when the economy is in a recession.
Answer the following statement true (T) or false (F)