The gambler's fallacy suggests that what happened in the past will influence the present. Suffering from the gambler's fallacy is most likely TRUE in which of the following situations?
A) flipping cards from a single deck
B) tossing a fair coin
C) the quality of play of a baseball team
D) horse racing
B
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The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
The only firms that do not have market power are
A) firms in perfectly competitive markets. B) firms in industries with low barriers to entry. C) firms that do not advertise their products. D) firms that sell identical products.
Economists consider the effects of free trade on income distribution to be ________ important than the effects on overall welfare because ________
A) less; those who are harmed can be compensated by those who gain B) more; those who are harmed are not compensated by those who gain C) less; the effects on income distribution are minor and inconsequential D) more; the effects on income distribution are major and consequential E) less; the wealthy benefit and only the poor lose
The lowest-income fifth of the population ordinarily earns about 20 percent of the income in the United States
a. True b. False Indicate whether the statement is true or false