Economists are:
A) concerned with developing theories and interested in solving problems.
B) interested in solving problems but not concerned with developing theories.
C) reluctant to predict changes in variables such as prices, employment, and spending.
D) always in agreement on the best way to implement policy decisions.
Ans: A) concerned with developing theories and interested in solving problems.
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Refer to the figure below. If the current market price were $20: 
A. there would be an excess demand of 35 units. B. the market would be in equilibrium. C. there would be an excess supply of 25 units. D. there would be an excess demand of 25 units.
In a small country, the adult population equals 5,000. There are 4,000 people in the labor force and 3,000 people are employed. The labor force participation rate equals
A) 25 percent. B) 80 percent. C) 30 percent. D) an undetermined amount given the lack of information.
If you deposit $100 of currency into a demand deposit at a bank, this action by itself
a. does not change the money supply. b. increases the money supply. c. decreases the money supply. d. has an indeterminate effect on the money supply.
Average variable costs and average total costs are calculated by dividing by ________
a. revenue b. profit (P) c. output (Q) d. fixed costs (FC)