Economic growth measured in terms of an increase in per capita real GDP is a good measure of _____
a. the average citizen's standard of living in a nation
b. the quality of labor in a nation
c. the distribution of income in a nation
d. the quality of life people experience in a nation
e. economic activity in a nation
e
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Which of the following market structures describes an industry in which a group of firms formally agree to control prices and output of a product?
a. Perfect competition. b. Monopoly. c. Oligopoly. d. Cartel. e. Monopolistic competition.
Which of the following is assumed to be constant in the quantity theory of money?
a. The money supply b. Real GDP c. The price level d. The velocity of money e. Nominal GDP
The required reserve ratio for a bank is set by:
a. Congress. b. the bank itself. c. the banking system. d. the Treasury Department. e. the Federal Reserve.
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