Inflation is measured
A) using the level of the consumer price index.
B) as the percentage change in the consumer price index.
C) using the level of real GDP.
D) as the percentage change in real GDP.
Answer: B
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In an open economy, the quantity demanded of TVs in the domestic market will be ________. 
A. 120,000 B. 30,000 C. 90,000 D. 60,000
The government imposes a sales tax on hot dogs. The tax would be paid entirely by hot dog sellers if the
A) supply is perfectly elastic. B) supply is perfectly inelastic. C) demand is perfectly inelastic. D) none of the above.
The Sherman Act of 1890:
A. made it illegal to engage in practices that resulted in restraint of trade. B. outlawed tying contracts. C. outlawed stock-purchase mergers that would substantially reduce competition. D. prohibited selling products at "unreasonably low prices" with the intent of reducing competition.
An example of a public good is:
A. national defense. B. a hamburger. C. a laundromat. D. a personal computer.