Since most consumers spend very little on salt, a small increase in the price of salt will:
A. reduce quantity demanded by a large amount.
B. not change quantity demanded.
C. not reduce quantity demanded by very much.
D. increase quantity demanded by a small amount.
Answer: C
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as 
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting upward C. Short-run aggregate supply shifting downward D. Aggregate demand shifting leftward
Which school of thought believes that recessions are the result of inappropriate monetary policy?
A) only classical B) only Keynesian C) Monetarist D) both Keynesian and classical
An individual who pays for personal auto repair has incurred a
A) social cost. B) private cost. C) negative externality. D) positive externality.
In response to the economic downturn, the federal government enacted a fiscal stimulus bill with funding in excess of $700 billion
a. True b. False Indicate whether the statement is true or false