The relationship between quantity supplied and price is __________ and the relationship between quantity demanded and price is ____________.
A. direct; direct
B. inverse; inverse
C. inverse; direct
D. direct; inverse
D. direct; inverse
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The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A
In the short run, if a perfectly competitive firm is unable to earn a profit, it will seek out the quantity of output where: a. its costs of production are minimum
b. its losses are the smallest. c. its price is greater than its marginal revenue. d. its price is the lowest compared to its competitors.
The role of government in shifting the production possibilities curve to the right is considered:
A) supporting economic growth. B) redistributing income. C) providing certain goods and services. D) enforcing private property rights.
The change in total revenues resulting from a change in output of one unit is
A) average revenue. B) marginal revenue. C) economic revenue. D) diminishing revenue.