When the price is P1, in order to maximize profits this firm must produce a quantity equal to 
A. q2.
B. q1.
C. q3.
D. Q1.
Answer: B
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The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A
The above table gives the demand and supply schedules for cat food. What is the equilibrium price and quantity?
What will be an ideal response?
Suppose you put $500 into a bank account today. Interest is paid annually and the annual interest rate is 8 percent. The future value of the $500 after 2 years is
a. $428.67. b. $470.00. c. $580.00. d. $583.20.
Under the Bretton Woods system, countries experiencing current account surpluses
A. were obliged to revalue their currencies. B. could maintain their fixed exchange rate by selling excess foreign exchange. C. were obliged to stimulate their economies. D. could maintain their fixed exchange rate by buying excess foreign exchange.