A closed economy is one in which exports and imports constitute a large share of GDP.
Answer the following statement true (T) or false (F)
False
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If a firm has developed a very popular chocolate bar recipe, the firm would consider the chocolate bar recipe to be which of the following?
A) a trademark B) a copyright C) a patent D) a trade secret
Suppose a small island nation imports sugar for its population at the world price of $1,500 per ton. The domestic market for sugar is shown below. 
If the government provides a subsidy of $500 per ton, then consumer surplus will be ________ per day.
A. $4,000 B. $8,000 C. $9,000 D. $1,000
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
Answer the following statements true (T) or false (F)
1) The risk-free interest rate is the rate on long-term U.S. government bonds. 2) The fact that people prefer to consume in the present rather than the future is referred to as time preference. 3) Short-term U.S. government bonds are considered to be risk-free. 4) The Security Market Line depicts the inverse relationship between the average expected rates of return and risk levels of financial assets.