A cost paid in money is
A) not an opportunity cost.
B) an implicit cost and an opportunity cost.
C) an explicit cost and an opportunity cost.
D) not an accounting cost.
E) an explicit cost but not an opportunity cost.
C
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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
The price system works in an economy on a day-to-day basis to match the desires of consumers with the output from producers
Indicate whether the statement is true or false
Producing an amount of GDP equal to potential GDP is most consistent with the economy producing
A) either on or within the production possibilities frontier. B) on the production possibilities frontier. C) beyond the production possibilities frontier. D) either on or beyond the production possibilities frontier. E) within the production possibilities frontier.
When there is reason to think that the existing structure of incentives will cause individuals in the market to act in ways that are inconsistent with ideal economic efficiency, economists say that
a. market failure is present. b. democratic political decision-making will lead to the ideal efficient outcome. c. government action, however well intended, cannot improve the situation. d. government failure is present.