Which of the following occur in the real world?
A. Both market failures and government failures
B. Market failures but not government failures
C. Government failures but not market failures
D. Neither market failures nor government failures
Answer: A
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Based on the figure below. Starting from long-run equilibrium at point C, a tax cut that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies. 
A. D; C B. B; C C. B; A D. D; B
Which question is an example of a microeconomic question?
A. What should the federal government do to reduce the trade deficit with Japan? B. What factors are contributing to the steep rise in the federal government's total debt? C. Will the merger of two airlines likely lead to higher cost of air travel in the economy? D. Will the inflation rate remain relatively stable this year?
The long-run aggregate supply curve is influenced by:
A) resources available. B) efficiency levels. C) level of technology. D) all of the above.
What famous economist said that the market economy seemed to be controlled by an invisible hand?
a. Alfred Marshall. b. Adam Smith. c. Karl Marx. d. Robert L. Heilbroner.