A problem in using the judgment by market structure criterion is that:
A. each action of a firm must be analyzed separately and within a particular context.
B. it is the most subjective standard.
C. it is difficult to determine the relevant industry and geographic market.
D. it is an expensive and time-consuming standard.
Answer: C
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A country has a comparative advantage over another in the production of gadgets if it can produce
a. more gadgets than can the other country. b. more gadgets than can any other country. c. gadgets more efficiently than it can produce any other good. d. gadgets at lower opportunity cost than can the other country.
Compared to the typical high-school graduate, the typical college graduate has greater human capital and thus more options for both low-skill and high-skill jobs. This is called:
A. the signaling effect of a college education. B. the learning effect of a college education. C. the discriminatory effect of a college education. D. All of these
Refer to the information provided in Figure 15.3 below to answer the question(s) that follow. 
Figure 15.3 Refer to Figure 15.3. Gwen's Country Curtains is currently manufacturing 1,000 pairs of curtains per month. This firm
A. should reduce the number of pairs of curtains it manufacturers to maximize profit. B. should increase the number of pairs of curtains it manufacturers to maximize profit. C. could increase profits by either increasing or decreasing the number of pairs of curtains it manufactures. D. should continue to produce 1,000 pairs of curtains; it is already maximizing profits.
Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher