Refer to the information provided in Figure 8.8 below to answer the question(s) that follow. 
Figure 8.8 Refer to Figure 8.8. At the market price of $8 per bushel, if this farmer produces the profit-maximizing level of soybeans, the profit would be
A. $0.
B. $2,800.
C. $5,600.
D. $8,000.
Answer: A
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Refer to Figure 8.11. If Barney got to move first instead of Fred, the path of the game would be:
A. Barney stays out and Fred chooses a large quantity. B. Barney enters and Fred chooses a large quantity. C. Barney stays out and Fred chooses a small quantity. D. Barney enters and Fred chooses a small quantity.
When airlines were deregulated, airfares declined by 30 percent. Deregulation is an example of political forces:
A. letting the market move toward equilibrium, reducing excess supply. B. making the market move away from equilibrium, creating excess supply. C. letting the market move toward equilibrium, reducing excess demand. D. making the market move away from equilibrium, creating excess demand.
Answer the following questions true (T) or false (F)
1. Housing is the largest component of the U.S. CPI market basket. 2. The GDP deflator is the best measure that reflects the prices of goods and services purchased by the typical household. 3. The inflation rate measures the percentage increase in the price level from one year to the next.
Personal consumption expenditures
a. represent approximately two-thirds of GDP b. are equal to personal income minus individual taxes c. include durable good purchases but not nondurable good purchases d. do not include any intangible consumption items e. include all goods and services bought by the government