Which U.S. president, when asked why he had proposed a tax cut, responded by saying "To stimulate the economy. Don't you remember your Economics 101?"
a. Dwight D. Eisenhower
b. John F. Kennedy
c. Ronald Reagan
d. Bill Clinton
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
Factors such as _______ shocks and changes in inflationary expectations cause the Phillips curve to shift.
a. policy b. supply c. demand d. trade
Jody has purchased a non-refundable $75 ticket to attend a Miley Cyrus concert on Friday night. Subsequently, she is asked to go to out dinner at no expense to her. If she uses cost-benefit analysis to choose between going to the concert and going out to dinner, the opportunity cost of going out to dinner should include:
A. neither the cost of the ticket nor the entertainment value of the concert. B. the cost of the ticket plus the entertainment value of the concert. C. only the cost of concert ticket. D. only the entertainment value of the concert.
An increase in the quantity demanded means that:
A. given supply, the price of the product can be expected to decline. B. the demand curve has shifted to the left. C. price has declined and consumers therefore want to purchase more of the product. D. the demand curve has shifted to the right.