If a firm produces nothing, then its:
A. fixed costs equal zero.
B. variable costs equal zero.
C. total costs equal zero.
D. All of these are true.
Answer: B
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Which is true of total federal spending relative to GDP?
a. It is the most commonly used measure of the size of government. b. There really is no upper limit to the ratio of total government spending to GDP. c. It has steadily increased over the last 50 years. d. All of the above are correct. e. Only a and c are correct.
If a country begins to import a good,
a. it has a comparative advantage in producing that good b. it has a comparative advantage in consuming that good c. domestic consumers are made better off d. domestic producers are made better off e. both domestic consumers and domestic producers are harmed
Individuals cannot buy unemployment insurance for themselves. The most likely reason for this is
a. moral hazard. b. imperfect information. c. a culture of poverty. d. the free-rider problem.
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