Central banks, as they conduct monetary policy, inevitably affect only ________, with no lasting impact on ________ in the long run.
A. employment; prices
B. demand; employment
C. output; prices
D. prices; employment
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; A B. Falling; A; C C. Falling; B: C D. Rising; A; C
Which of the following does not explain why consumers buy products that many other consumers are already buying?
A) cost-effective way to gather information about a product B) the satisfaction people derive by being viewed as "fashionable" C) differences in tastes and preferences D) technology
If it is not profitable for more than one firm to be in an industry, we have an example of
A) monopoly due to ownership of key resources. B) monopoly due to governmental entry restrictions. C) monopoly due to economies of scale. D) pure competition.
In perfect competition, an economic profit can be earned
a. only in the long run b. only if the firm is efficient c. only in the short run d. never e. always