In the context of auto theft, an example of self-protection would be
A. an insurance company buying reinsurance from the government.
B. an insurance company buying reinsurance from another insurance company.
C. an individual buying auto insurance to recover losses from theft.
D. an individual purchasing a product that makes a car less susceptible to theft.
Answer: D
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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
All decisions involve opportunity cost.
Answer the following statement true (T) or false (F)
Based on the figure above, as a result of international trade, consumer surplus
A) increases by $150 million. B) decreases by $150 million. C) increases by $90 million. D) decreases by $90 million. E) remains unchanged.
In Example 6.5 in the book, the authors use the observed production data from the U.S. carpet industry to show that small firms likely have constant returns to scale and that large firms likely have increasing returns to scale
Are returns to scale in this industry likely to continue increasing as these firms become even larger? A) Yes, the marginal products of labor and capital are known to be positive at all levels of output in the U.S. carpet industry, which implies continued increasing returns to scale. B) Yes, increasing returns are always observed in other countries that produce carpeting on large scale. C) No, the authors predict that returns to scale in carpet production will likely decline at some point. D) The authors do not provide any comments on this issue.