The efficient quantity of a public good is provided when the economy's
A) total benefit from the good equals its total cost.
B) total benefit from the good is less than its total cost.
C) marginal social benefit from the good equals its marginal social cost.
D) marginal social benefit from the good is greater than its marginal social cost.
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
The amount of payment necessary to attract a given productive resource away from its best alternative use is the
a. resource cost. b. opportunity cost. c. overhead cost. d. variable cost.
A closed economy is one that
A) has no government sector. B) neither borrows from nor lends to foreign countries. C) produces mainly agricultural goods. D) produces mainly manufactured goods.
Which expression below matches most closely the way economists go about testing their models?
A) "Consistency is the hobgoblin of small minds." B) "Seeing the results is the only way to know if you are right." C) "A bird in the hand is worth two in the bush." D) "In the long run, we are all dead."