The longest economic expansion in the United States occurred during the
A. 1940s.
B. 1960s.
C. 1990s.
D. 1980s.
Answer: C
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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
The substitution effect of a wage increase: a. results in an increase in the quantity of labor supplied. b. results in a decrease in the quantity of labor supplied. c. has no impact on the quantity of labor supplied
d. results in an increase in the quantity of leisure enjoyed.
One of the difficulties in implementing monetary policy is the time it takes:
A. to pass new monetary policy once the Fed has decided action is needed. B. monetary policy to have an effect in the economy once enacted. C. to enact monetary policy once the Fed has decided action is needed. D. to get approval from the Congress to implement the policy.
When a binding price ceiling is imposed on a market, a. price no longer serves as a rationing device
b. the quantity supplied at the price ceiling exceeds the quantity that would have been supplied without the price ceiling. c. all potential buyers benefit. d. All of the above are correct.