After its early success in the 1970s, OPEC experienced a drop in world oil prices and a corresponding drop in oil revenues for its members, due to
A. the fall of the elasticity of demand for oil.
B. the growth in the number of oil buyers.
C. OPEC members failing to produce the output that was agreed upon.
D. a sharp rise in the demand for oil.
Answer: B
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The key indicator of a country's living standard and economic well-being is:
A. real GDP. B. the interest rate. C. real GDP per person. D. nominal GDP per person.
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 person quits her job in order to spend time looking for a better-paying job. This type of unemployment is an example of
A) frictional unemployment. B) cyclical unemployment. C) seasonal unemployment. D) structural unemployment.
If the marginal utility of a product exceeds its MC, we would want, on efficiency grounds, to
a. increase production. b. decrease production. c. leave production constant. d. One cannot tell without knowing the price.