If the quantity demanded for a product exceeds the quantity supplied, the market price will rise until
A) the quantity demanded equals the quantity supplied. The product will then no longer be scarce.
B) quantity demanded equals quantity supplied. The equilibrium price will then be greater than the market price.
C) only wealthy consumers will be able to afford the product.
D) quantity demanded equals quantity supplied. The market price will then equal the equilibrium price.
Answer: 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; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C
Which of the following statements regarding aggregate supply are CORRECT?
A) Moving along the long-run aggregate supply curve, both the price level and the money wage rate change by the same percentage. B) Moving along the short-run aggregate supply curve, both the price level and the money wage rate change by the same percentage. C) Moving along the long-run aggregate supply curve, the money wage rate changes but the price level is constant. D) Moving along the short-run aggregate supply curve, the money wage rate changes but the price level is constant.
There is a bias in the political process against free trade because
A) those who lose from free trade are better organized than those who gain. B) the gains from free trade cannot be measured. C) those who gain from free trade can't compensate those who lose. D) foreign governments make large donations to U.S. political campaigns. E) there is a high correlation between the volume of imports and the unemployment rate.
If the actual rate of unemployment equals the natural rate of unemployment, then:
A. potential output equals real GDP. B. potential output is greater than real GDP. C. potential output is less than real GDP. D. there is a recessionary gap.