Antony's Pizza uses the same dough, sauce, and cheese for pizza and calzones. When the price of pizza is low Antony produces more calzones. For Antony, the supply of pizza is ________ compared to the supply at a pizza restaurant that does not serve calzones.
A. higher
B. lower
C. less price elastic
D. more price elastic
Answer: D
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The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
Fannie Mae and Freddie Mac's dominance of the secondary mortgage market during 1995-2008 encouraged mortgage originators to
a. extend only 30-year, fixed-rate mortgages. b. require higher down payments in order to obtain a home mortgage. c. loosen lending standards as long as the mortgages were acceptable to Fannie Mae and Freddie Mac. d. scrutinize the credit-worthiness of borrowers more carefully.
Which of the following will cause a movement from one point on an AD curve to another point on the same AD curve?
A) a change in consumption B) a change in government expenditures C) a change in net exports D) a change in the price level E) all of the above
An increase in price causes exit from a constant-cost industry.
Answer the following statement true (T) or false (F)