Traveler’s letters of credit are
a) issued by a bank and addressed to a list of banks in other countries
b) especially popular with tourist
c) convertible into cash at most large banks
d) of special value of exporters
Answer: a) issued by a bank and addressed to a list of banks in other countries
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If the wheat industry is perfectly competitive with a market price of $4 per bushel and Farmer Brown charged $5 per bushel, how many bushels would Farmer Brown sell?
A) some, but fewer than he would at a price of $4 B) more than he would at a price of $4 C) just as many as he would at a price of $4 D) none E) More information is needed about the prices charged by the other wheat farmers.
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
A factory produces 1,000 radios a year, AVC = $10 and TFC = $5,000. The factory’s TC
A. equals $15. B. equals $5,005. C. equals $15,000. D. cannot be determined from the information given.
The maximum price a buyer is willing to pay for a good is called: a. cost
b. willingness to pay. c. equity. d. efficiency.