The inflation rates in the 7 major industrialized countries
a) have fallen steadily since 1970
b) reached a peak in the mid-1990s
c) have been historically high in all countries except the U.S. during the 1990s
d) have been nearly zero since 1970, because prices have been stable
e) were higher in the mid- and late 1970s than at any time since
e) were higher in the mid- and late 1970s than at any time since
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The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
The following price-quantity coordinates for gold used by U.S. dentists were observed: P = $875/ounce, Q = 342,000; P = $200/ounce, Q = 706,000. These points most likely lie along the
A. supply curve for gold for dental use. B. demand curve for dental use. C. equilibrium curve for dental use. D. production possibilities curve for dental use.
The idea of the "big tradeoff" points out the costs of
A) using a results approach to fairness when the rules approach is correct. B) transferring income using taxes that decrease efficiency. C) price hikes during natural disasters. D) using a rules approach to fairness when the results approach is correct. E) None of the above answers is correct.
If demand decreases and supply increases
A) the market clearing price will decrease, and the equilibrium quantity will increase. B) the market clearing price will decrease, and equilibrium quantity will decrease. C) the equilibrium quantity will decrease, but the change in the market clearing price cannot be determined without more information. D) the equilibrium price will decrease, but the change in the equilibrium quantity cannot be determined without more information.