The figure above shows the demand and cost curves facing a price-setting firm. At what output is marginal revenue $20?
A. 100 units
B. 200 units
C. 300 units
D. 400 units
E. 500 units
Answer: B
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In the figure below, the economy is initially in long-run equilibrium at point A. If there is an adverse supply shock that reduces potential output and shifts the long-run aggregate supply curve from LRAS to LRAS', then there is initially ________ gap and the short-run aggregate supply curve will ________. 
A. an expansionary: eventually shift to SRAS" B. a recessionary; eventually shift to SRAS' C. an expansionary; eventually shift to SRAS' D. a recessionary; eventually shift to SRAS"
Which of the following is the most likely effect of lower apple juice prices on the price and quantity purchased of orange juice, a substitute product?
a. The price of orange juice will increase, and the quantity purchased will fall. b. The price of orange juice will fall, and the quantity purchased will increase. c. The price of orange juice will increase, and the quantity purchased will increase. d. The price of orange juice will fall, and the quantity purchased will fall.
Social Security payments:
A. now hold their value over time. B. are adjusted for inflation using the CPI. C. undergo cost-of-living adjustments. D. All of these statements are true.
Which of the following is a key economic function of government?
a. protects and enforces property rights and contracts b. issues passports, visas, and foreign travel advisories c. researches the causes and cures of illness and disease d. awards medals and honors for cultural achievement