Economists usually believe that:
A. competition encourages innovation.
B. innovation encourages competition.
C. innovation leads to market power and should be regulated.
D. market power leads to innovation.
A. competition encourages innovation.
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as 
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting upward C. Short-run aggregate supply shifting downward D. Aggregate demand shifting leftward
Actual output can exceed the economy's potential both in the short run and the long run
a. True b. False Indicate whether the statement is true or false
"Consumed by one, consumed by all." This describes
A) public goods. B) private goods. C) consumer goods. D) inferior goods.
What are the functions of money?
a. Medium of exchange, store of value, unit of account, standard of deferred payments b. Payment of credit, store of debt, unit of account, medium of exchange c. Medium of exchange, store of debt, unit of account, standard of deferred payments d. Payment of credit, store of value, unit of account, medium of exchange