Given that resources are scarce,
A. Poor countries must make choices, but rich countries with abundant resources do not have to make choices.
B. A "free lunch" is possible, but only for a limited number of people.
C. Opportunity costs are experienced whenever choices are made.
D. Some choices involve opportunity costs while other choices do not.
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
Table 7-4 ? 6 346 490 600 692 775 846 ? 5 316 448 548 632 705 775 ? 4 282 400 490 564 632 692 CAPITAL 3 245 346 423 490 548 600 ? 2 200 282 346 400 448 490 ? 1 141 200 245 282 316 346 ? 0 1 2 3 4 5 6 ? LABOR ? ? ? ? ? Table 7-4 shows a production relationship. Assuming the capital stock is fixed at three units and the cost per day of labor is $65, what is the most labor that it is efficient to hire if the product price is $1 per unit?
A. 2 B. 3 C. 4 D. 5
Real wages will decline if
A) money supply growth exceeds expectations. B) real interest rates rise. C) aggregate demand exceeds aggregate supply. D) money supply growth exceeds the inflation rate.
If the quantity of loanable funds demanded exceeds the quantity of loanable funds supplied,
a. there is a surplus and the interest rate is above the equilibrium level. b. there is a surplus and the interest rate is below the equilibrium level. c. there is a shortage and the interest rate is above the equilibrium level. d. there is a shortage and the interest rate is below the equilibrium level.