Labor supply can be defined as the
A. Willingness and ability of people to work specific amounts of time at alternative wage rates in a given period of time, ceteris paribus.
B. Total number of people in paid employment.
C. Total number of individuals who are either employed or actively seeking employment.
D. Total number of people who are employable.
Answer: A
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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 a characteristic of a competitive market?
a. There are many barriers to entry. b. Firms sell differentiated products. c. Buyers and sellers are price takers. d. There are many buyers but few sellers.
The decision not to acquire information because the cost of acquiring the information exceeds the expected benefit from the information is known as
A) rational ignorance. B) the principle of minimum differentiation. C) public choice theory. D) inefficient provision.
Suppose you purchase a two-year bond that has a $450 coupon and a face value of $5,000, and immediately after you purchase the bond, new bonds are issued that are otherwise identical, except they have coupons of $375
If you sell your bond, the price of your bond will be A) $4,868.07. B) $5,000.00. C) $5,069.76. D) $5,134.67.