US citizens have better nutrition, better healthcare, and a longer life expectancy than citizens of Ghana. Which of the following conclusions can be drawn from this statement?
a. Average income in the US is higher than the average income in Ghana.
b. The US has a higher standard of living than Ghana.
c. Productivity in the US is higher than productivity in Ghana.
d. All of the above are correct.
d
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Straker Industries estimated its short-run costs using a U-shaped average variable cost function of the formAVC = a + bQ + cQ2and obtained the following results. Total fixed cost (TFC) at Straker Industries is $1,000. 
If Straker Industries produces 20 units of output, what is estimated average variable cost (AVC)?
A. $19.40 B. $67.40 C. $179.40 D. $171.40
To analyze intra-industry trade, we must bring in imperfect competition, and we change our assumptions about our trade models to allow:
a. price-conscious consumers. b. short-run unemployment. c. differentiated products. d. perfect competition.
Refer to the above figure. Assume that B is the current long-run aggregate supply (LRAS) curve and E is the current short-run aggregate supply (SRAS) curve. If a 90-day embargo of oil from the Middle East to the United States were announced, and if after that 90-day period oil prices were expected to return to normal pre-embargo prices, then you would expect
A. the LRAS and the SRAS to remain at B and E, respectively. B. the LRAS to shift to C, and the SRAS to shift to F. C. the LRAS to remain at B, but the SRAS to shift to F. D. the LRAS to remain at B, but the SRAS to shift to D.
The rate of output at which the price level has no tendency to rise or fall is called the
A) natural rate of output. B) potential level of income. C) bliss point. D) efficient level of output.