Economics is the study of choices we make among our many wants and desires
a. True
b. False
Indicate whether the statement is true or false
True
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The average propensity to save (APS) is
A) the difference between the amounts of real disposable income consumed and saved. B) the percentage of additional real disposable income that will go toward real saving. C) the rate at which real savings changes over time. D) the percentage of real disposable income saved.
Which of the following best fits the definition of unemployed?
A) retired and not working B) working less than a full work week C) not working but looking for a job D) not working at a gainful pursuit, either in or out of the home
If a country is an exporter of a good, then it must be the case that
a. the world price is less than its domestic price. b. consumer surplus is higher than a no trade situation. c. the world price is greater than its domestic price. d. they used an infant-industry argument to protect its producers.
Refer to the information provided in Figure 13.9 below to answer the question(s) that follow. 
Figure 13.9 Refer to Figure 13.9. If Ohio Edison is regulated to act as a perfectly competitive firm (instead of the monopoly level),
A. consumer surplus would increase by the area FGBC. B. the net social gain to society equals ACF. C. output would increase from 500 to 600 units. D. the firm will earn profits of BEC.