Suppose the Utopian economy has the following characteristics: 100,000 people in the noninstitutional population; 80,000 people employed; 20,000 people not in the labor force. How many people are in the economy's labor force?
A) 0
B) 20,000
C) 60,000
D) 80,000
E) 100,000
D
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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
Which of the following is an example of a price floor?
A. Rent controls B. Maximum prices for gasoline C. Usury laws that set maximum interest rates D. The minimum wage
Economics is best defined as
A) how people make money and profits in the stock market. B) making choices from an unlimited supply of goods and services. C) making choices with unlimited wants but facing a scarcity of resources. D) controlling a budget for a household.
Which of the following is a characteristic of a monopoly firm?
A) horizontal individual demand curve B) barriers to entry C) easy entry and exit D) many buyers and sellers