Which retail operation would have the lowest costs per book sold?
a. a small independent bookstore
b. a large retail bookstore chain
c. an Internet seller of books
d. All would have the same costs.
c
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The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A
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
If that the marginal propensity to save (MPS) increased from 0.20 to 0.25, this would cause the multiplier effect to
A) increase. B) decrease. C) stay the same. D) None of the above is correct.
If the price level in an economy decreases, other things constant, people consume _____
a. more because nominal income falls b. less because nominal income rises c. more because the real value of their wealth increases d. less because real income decreases e. less because the real value of their wealth decreases