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
Answer: D
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Gross national product is defined as
A) the value of final goods and services produced by residents of the United States even if the production takes place outside of the United States. B) the value of final goods and services produced within the United States, by United States residents. C) the value of final goods and services produced outside of the United States. D) the value of final goods and services produced within the United States.
A good that has social costs that exceed private costs has a quantity that is
A) too high. B) too low. C) just right. D) the best society can do.
If the U.S. Treasury in 1865 had decided to make the dollar convertible into gold at the pre-War rate,
a. relatively cheap British goods would have been highly desired by American consumers. b. the U.S. treasury would have quickly found its stock of gold depleted. c. British citizens would have converted large amounts of pounds into dollars. d. All of the above are correct. e. Only a and b are correct.
An economic populist movement
A) is likely to create long-term economic stability. B) favors promotion of export-based industries and fiscal austerity. C) is less likely to use expansionary policy due to inflation risks. D) uses economic tools to obtain support from labor and domestically oriented businesses.