Which of the following is the best example of a command-and-control regulation?
A. Effluent taxes on pollutants.
B. Emissions trading.
C. Requiring automobiles to have catalytic converters.
D. Offset programs.
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
Economists consider the model of perfect competition useful because:
a. it is a standard for analyzing producer and consumer benefits. b. its assumptions exactly fit into actual conditions in some markets. c. its assumptions can be easily replaced with realistic ones. d. it is a standard for analyzing consumer choices.
The basic problem with the government setting an absolute poverty line is that it is
a. completely objective. b. somewhat arbitrary. c. unconstitutional. d. based on average income.
Which of the following would be classified as a public good?
A) state lotteries B) telephone service C) Internet service subscription D) police protection