All possible gains from specialization and exchange would be fully exploited only under which market structure?
A) Pure monopoly
B) Perfect competition
C) Oligopoly
D) Structures allowing for price-searching activity
E) Structures where entry is restricted
B
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Based on the figure below. Starting from long-run equilibrium at point C, an increase in government spending that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ creating _____gap. 
A. D; an expansionary B. B; no output C. B; expansionary D. A; a recessionary
If the price of x falls, the budget constraint:
a. shifts outward in a parallel fashion. b. shifts inward in a parallel fashion. c. rotates outward about the x-intercept. d. rotates outward about the y-intercept.
The U.S. Gini coefficient shows that income inequality
a. increased steadily over the last four decades b. remained fairly constant in the 1970s, and then increased steadily through the 1980s and 1990s c. increased gradually over the period 1947–1968, and then declined steadily through the 1990s d. has changed little over the last four decades e. has declined in relation to other developed economies
The Benefits Principle
What will be an ideal response?