The consumer price index measures the cost of:
A. a changing basket of goods and services.
B. all goods and services purchased by consumers.
C. a fixed basket of goods and services.
D. goods and services required to live above the poverty level.
Answer: C
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Consider a used car market in which half the cars are good and half are bad (lemons). A rational buyer in this market should
A) save up and buy a new car. B) offer to pay a price equal to the most she would pay for a good car. C) offer to pay a price equal to the most she would pay for a lemon. D) offer to pay a price somewhere between the price she would pay for a good car and the price she would pay for a lemon.
When a company produces 5,000 units, total costs equal $150,000 and total variable costs equal $75,000. At this level of output, what is that company average fixed cost?
A) $75,000 B) $30 C) $225,000 D) $15
The first step in enforcing any antitrust policy is to
A) win the support of the public. B) win congressional approval. C) win the approval of the state senators from the state where the company is headquartered. D) define the market.
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