The five most important variables that determine the level of ________ are disposable income, wealth, expected future income, price level, and interest rate
A) consumption B) government purchases
C) net exports D) planned investment
A
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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
At $6 per steak, consumers are willing to buy two steaks. At a price of $2, consumers are willing to buy six steaks. The elasticity of the market demand curve between P = $6 and P = $2 (dropping all minus signs) is
A. 0.33. B. 1 C. 2 D. 4
All of the following are examples of a constant-elasticity demand curve except a(n)
a. perfectly elastic demand curve b. linear demand curve with a slope of -4 c. perfectly inelastic demand curve d. unit-elastic demand curve e. vertical demand curve
Producer surplus measures the
a. benefits to sellers of participating in a market. b. costs to sellers of participating in a market. c. price that buyers are willing to pay for sellers' output of a good or service. d. benefit to sellers of producing a greater quantity of a good or service than buyers demand.