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
Answer: B
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Which of the following trade agreements provides for the development of a single market among its members?
A) World Trade Organization B) European Union C) North American Free Trade Agreement D) Asian Pacific Economic Cooperation
Refer to Table 7-6. If the actual terms of trade are 1 belt for 1.5 swords and 50 belts are traded, how many belts will Estonia consume?
A) 50 B) 70 C) 90 D) 120
Which of the following is an example of incomplete information?
a. A seller losing out on profits because the market price rises above the pre-contracted price. b. An insurer refuses to bear the complete cost of a treatment. c. An insured car driver driving carelessly on the highway. d. A new household appliance starts malfunctioning after two weeks.
Globalization represents:
A. the opposite of isolationism. B. a return to isolationism. C. the economic complement of political isolationism. D. the political complement of economic isolationism.