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
Answer: B
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If a monopolistically competitive firm is producing 450 units of output and at this output level, the price is $15 and the average total cost is $12, the firm profit/loss is equal to ________.
A) -$1,525 B) $1,350 C) -$1,350 D) $1,525
A country will roughly double its GDP in twenty years if its annual growth rate is:
a. 2.5 percent. b. 3.5 percent. c. 7.5 percent. d. 12 percent.
Name at least three nonmarket transactions you did in the past week. Explain why each one would be considered a nonmarket transaction.
What will be an ideal response?
The existence of profit in a perfectly competitive industry means that:
a. new producers will seek to enter the industry. b. consumers will switch to substitute goods. c. each producer is charging a different price. d. the current price exceeds marginal cost.