Economic stagnation coupled with high inflation is commonly called:
A. stagflation.
B. inflationary stagnation.
C. stagnatory growth.
D. inflagnation.
Answer: A
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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; A B. Falling; A; C C. Falling; B: C D. Rising; A; C
A union-sponsored television campaign urging U.S. consumers to "Look for the union label" is designed to
A) increase the productivity of union labor. B) increase the derived demand for union labor by shifting consumer preferences in favor of union-made goods. C) raise wages by restricting the supply of union workers. D) remind consumers that if they do not buy union-made goods, unions will strike.
Consider the market for bicycles. If a dealer cuts prices by 10 percent and sells 20 percent more bikes, then demand for bicycles is:
A. inelastic, and total revenue will increase. B. elastic, and total revenue will increase. C. inelastic, and total revenue will decrease. D. elastic, and total revenue will decrease.
Consider a small open economy in equilibrium with a current account deficit. (a)Draw a diagram showing this situation.(b)What happens to national saving, investment, and the current account balance in equilibrium if government expenditures rise temporarily? Show this result in your diagram.
What will be an ideal response?