When consumer spending is broken down into the major categories of goods and services, the largest single category is spending on transportation
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as 
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting upward C. Short-run aggregate supply shifting downward D. Aggregate demand shifting leftward
A profit-maximizing firm with market power will always produce a level of output where
A. demand is inelastic. B. price is greater than average total cost. C. marginal revenue is greater than average total cost. D. demand is elastic.
Which of the following is NOT true about subprime mortgage loans:
A. They played a central role in the financial crisis of 2007-2008 B. They were encouraged by the Federal government for many years before the financial crisis C. They had always been discouraged by the government, and even banned in some cases D. They were considered high-risk loans because the borrowers had poor credit ratings
The demand for cake decorators has no relationship to the demand for cakes
a. True b. False Indicate whether the statement is true or false