If you have a checking account at a local bank, your bank account there is a(n)
A. asset to the bank and an asset to you.
B. liability of the bank and a liability of yours.
C. liability of the bank and an asset to you.
D. asset to the bank and a liability of yours.
Answer: C
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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
College education tends to result in a negative externality because the recipient does not receive the full benefit of the education
Indicate whether the statement is true or false
The major economic effect of Medicare subsidies is
A) that the number of physicians has decreased since compensation is low. B) to increase the price of medical services and reduce the quantity demanded. C) to increase the price of medical services and increase the quantity demanded. D) to lower the price of medical services and reduce the quantity demanded.
Trade between countries that is without restrictions is called
A) unobstructed commerce. B) unabated trade. C) free trade. D) unencumbered trade.