Use two or three of the things we "know" about economic development to comment on the state of our knowledge
What will be an ideal response?
The intent here is that students understand the general nature of what we "know," and the remaining difficulties involved in actually applying such knowledge to a particular situation.
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Refer to the above figure. Which of the following statements is true about the demand curves for an individual firm in a perfectly competitive industry and a monopoly?
A) Panel A is the demand curve for a perfectly competitive firm and panel B is the demand curve for a monopoly. B) Panel C is the demand curve for a perfectly competitive firm and panel A is the demand curve for a monopoly. C) Panel C is the demand curve for a perfectly competitive firm and panel B is the demand curve for a monopoly. D) Panel B is the demand curve for a perfectly competitive firm and panel A is the demand curve for a monopoly.
The flat region of the aggregate supply curve reflects the Keynesian belief that:
a. both inflation and unemployment does not exist. b. high growth rate of money supply poses problems in the economy. c. unemployment is usually experienced amidst high real GDP. d. government intervention in the economy aggravates the problems of inflation and unemployment. e. inflation is not a problem when unemployment is high.
OPEC is able to raise the price of its product by
a. tying. b. setting production levels for each of its members. c. increasing the supply of oil above the competitive level. d. imposing resale price maintenance agreements on members.
Refer to the information provided in Figure 7.10 below to answer the question(s) that follow. 
Figure 7.10Refer to Figure 7.10. At Point C, the slope of q2 = 200 is
A. -2. B. -1/2. C. -1. D. indeterminate from this information.