Inflation is a measure of the ________ of prices; the CPI is a measure of the ________ of prices.
A. current level; rate of change in the level
B. base year's level; index
C. rate of change in the level; current level
D. index; base year's level
Answer: C
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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
Wheat is sold in world markets, usually priced in terms of bushels. In the market for wheat, the price elasticity of demand for wheat would be expressed as
A) the number of bushels of wheat sold. B) the number of whatever currency is used in purchasing the wheat. C) the number of dollars spent on wheat. D) a unitless number.
To improve your own bargaining position
a. decrease the value of your outside options b. increase the value of your outside options c. do not alter the value of your outside options d. increase the value of your opponent's outside options
A(n) ________ is literally a go-between, who tries to speed up the process of negotiations, but does not have the power to impose a settlement.
A. arbitrator B. mediator C. None of the choices are correct.