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
Answer: C
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What is the meaning of the word “oligopoly”?
a. few buyers b. many sellers c. few sellers d. one buyer
If country A can produce more of practically everything than can country B, then which of the following statements is true?
A. Country A has no incentive to trade with country B. B. Trade can benefit both countries. C. Country B cannot have a comparative advantage in the production of any good that country A wants to buy. D. Country B has no incentive to trade with country A.
The statistical analysis of economic data is referred to as:
A. econometrics. B. calculus. C. deductive reasoning. D. microeconomics.
The MRP of labor will shift to the left if
A. wages decrease. B. labor productivity decreases. C. labor productivity increases. D. wages increase.