The "production function" that we have used to illustrate key macro ideas
A) Incorporates the of concept of scarcity of resources
B) Incorporates the idea that capital and labor can be traded off, to some extent, in order to produce output
C) Incorporates the principle that resources must be used to create goods and services
D) all of the above
Answer: D) all of the above
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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
Refer to the scenario above. If the individual places his bet on one pocket, his likelihood of winning is:
A) 0.50%. B) 1%. C) 2%. D) 5%.
Perfectly competitive markets:
A. are more of an idealized model economists use than a real-life occurrence. B. are the most common type of market in the United States. C. tend to have relatively few buyers. D. tend to have relatively few sellers.
The goal of rent control is to help the poor by making housing more affordable
a. True b. False Indicate whether the statement is true or false