Refer to the information provided in Figure 13.9 below to answer the question(s) that follow. 
Figure 13.9 Refer to Figure 13.9. If Ohio Edison is forced to produce the efficient level of electricity (instead of the monopoly level), ________ equals area BEC.
A. the net social gain
B. welfare loss
C. producer surplus
D. consumer surplus
Answer: A
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In the above figure, if the interest rate is 2 percent per year, the quantity of money demanded is
A) greater than the quantity of money supplied, and the interest rate will change. B) greater than the quantity of money supplied, and the demand for money curve will shift. C) greater than the quantity of money supplied, and the supply of money curve will shift. D) less than the quantity of money supplied, and the interest rate will change. E) less than the quantity of money supplied, and the demand for money curve will shift.
The inflation rate can be calculated as the percentage change in:
A. real GDP. B. the CPI. C. the exchange rate. D. nominal GDP.
Fiscal policy affects the economy
A. only in the short run. B. only in the long run. C. in both the short and long run. D. in neither the short nor the long run.
If the price level increases by 5 percent and the nominal wage increases by 3.5 percent, the real wage will decrease by 1.5 percent.
a. true b. false