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
Answer: B
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There is only one supermarket in Beverly Hills, California because
A) supermarkets can't compete effectively against residents in buying land. B) supermarket owners are paying attention to sunk costs in their location decisions. C) the demand for food is highly elastic in wealthy neighborhoods. D) the demand for food is highly inelastic in wealthy neighborhoods. E) wealthy people rarely do their own grocery shopping.
The trend in recent years is that more and more governments
A) have been granting greater independence to their central banks. B) have been reducing the independence of their central banks to make them more accountable for poor economic performance. C) have mandated that their central banks focus on controlling inflation. D) have required their central banks to cooperate more with their Ministers of Finance.
When the parties to a deal have access to different information:
A. markets will be efficient. B. parties will voluntarily share information truthfully in order to achieve efficiency. C. markets may fail to exist in such cases. D. parties will blindly trust one another.
Non-cooperative sequential games can incorporate all the following features except
a. a single decision-maker in the endgame b. no communication c. finite or infinite time periods d. third-party enforceable agreements e. an explicit order of play