Times of recession or depression often seem to be times when the
a. inflation rate is higher.
b. inflation rate is lower.
c. deflation rate is lower.
d. deflation rate is higher.
b. inflation rate is lower.
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C
The table above has information about an economy. Using this information, GDP equals
A) $6,500 billion. B) $7,800 billion. C) $7,000 billion. D) $8,500 billion. E) some amount that cannot be calculated without information on the amount of government expenditures.
The relationship between the quantity of inputs and the quantity of outputs is called:
A. an input-output function. B. a production function. C. a cost function. D. a resource function.
If a firm's production function is Leontief and the price of capital goes down, the:
A. cost-minimizing combination of capital and labor does not change. B. firm must use less capital in order to minimize the cost of producing a given level of output. C. firm must use more capital in order to minimize the cost of producing a given level of output. D. firm must use less labor in order to minimize the cost of producing a given level of output.