In the three-step method, what is accomplished in step 1?
a. finding the total revenue
b. finding the total cost
c. finding the market price
d. finding the profit-maximizing output level
d. finding the profit-maximizing output level
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Figure 33-4
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Which panel in Figure 33-4 shows what happened in 2007–2009?
A. 1 B. 2 C. 3 D. 4
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
We collapse the consumer's current-period and future-period budget constraints into a single lifetime budget constraint by
A) assuming no default. B) substituting for savings. C) eliminating consumption smoothing. D) assuming the consumer knows the future.
Economic growth ________
A) is driven by different elements in different economies B) is driven primarily by digital technology C) is driven primarily by labor growth D) cannot be explained using economic models